Hundreds of affordable homes for London in Sanctuary deal
Published date : 6 December 2011
The construction industry in London is set for a boost following the announcement of a four-year agreement between the Homes and Communities Agency (HCA) and Sanctuary Group.
Thanks to support of nearly £15 million from the HCA, Sanctuary will invest £90 million in London, constructing 467 affordable homes and creating numerous job and training opportunities.
This forms part of a wider investment from the HCA of almost £90 million which will expand Sanctuary’s national housing development programme by £500 million and see the construction of more than 3,600 homes across England over the next four years.
Sanctuary will use the HCA’s considerable investment to deliver a range of rented and shared ownership accommodation to meet locally identified needs and priorities, including extra care apartments, supported schemes, rural housing and large family homes.
The agreement forms part of the HCA's Affordable Homes Programme, which is set to deliver 80,000 new affordable homes across England by 2015.
The allocation includes funding for Sanctuary’s development consortium partners in London, Shian Housing Association, The Industrial Dwelling Society (IDS), Apna-Ghar Housing Association, Odu-Dua Housing Association and Arhag Housing Association.
Sanctuary’s consortium was established to help smaller housing associations access funding and deliver more affordable homes in their communities. The partners receive a full development service from Sanctuary’s highly experienced team and benefit from economies of scale in the procurement of contracts.
Jackie Jacob, HCA Director for London, said:
“This agreement is one of many that will see thousands of new homes delivered in London and have a positive impact on availability and choice. The team has worked closely with the GLA and our partners to ensure that the programme brings the maximum benefit for local people. We will now be concentrating our efforts on ensuring our investment is targeted at the areas where it is needed most.”
Peter Martin, Sanctuary Group Director - Development, said:
“We are delighted with this allocation from the HCA which will allow us to deliver much needed affordable homes for local people. This major investment will boost the local construction industry and we will seize the opportunity to create new jobs, including apprenticeships for young people. With housing waiting lists at an all time high, we aim to start building at the earliest opportunity.”
Across the HCA’s London operating area, the HCA is investing more than £600 million to deliver around 21,000 homes through the Affordable Homes Programme over the next four years.
The programme is being delivered alongside the HCA’s continuing work with local authorities to support their priority projects and the Economic Assets Programme, which has been set up to manage the disposal of assets transferred from Regional Development Agencies.