Mayor launches £100m intermediate housing fund
The mayor of London Boris Johnson has launched a £100 million fund for new intermediate housing.
Bids are being invited for a slice of the funding, which the Greater London Authority says is aimed at providing homes for people ‘on arrange of modest incomes’.
The fund will be open to developers of intermediate housing, including councils, housing associations and house builders. It will provide homes for households on a maximum joint income of £64,300 a year, or up to £77,200 a year for families with children purchasing larger homes.
Mr Johnson also pledged to cut red tape by watering down planning restrictions to boost intermediate housing provision.
He said: ‘London’s success is built by its workforce and if we are to maintain our vitality as a city we have to provide Londoners with a fairer housing deal. For an increasing number of Londoners the capital’s current housing market is just not working and failure to deal with the issue could lead to a damaging exodus that will hamper our competitiveness.’
Organisations have until 30 November to submit their bids.