The Greater London Authority (GLA) has allocated £14.6m of grant funding to Orbit to build more than 340 new homes across the London boroughs of Bexley and Croydon.
The 40,000-home housebuilder, is one of 44 housing associations to benefit from the Affordable Homes Programme which aims to deliver 90,000 affordable properties by 2021.
Orbit’s plans for the regeneration of the Arthur Street estate in Bexley, are set to benefit from £9.64m of the grant funding allocation. The proposed new scheme will feature around 280 new homes, of which 80% will be for affordable rent and shared ownership with associated parking and public open space.
John Carleton, Executive Director of Property Investment at Orbit, said: “We’re delighted to have secured this substantial funding from the GLA which will help us fulfil our commitment to building affordable homes in great places. In the coming years, we will expand our offer in the City, providing high-quality homes which meet both need and aspiration. ”
The Mayor of London, Sadiq Khan, said: “I want to see everyone playing their part in tackling the housing crisis in London, because it is simply unacceptable that Londoners continue to be priced out of a city they call home.
“We know that solving the housing crisis is not going to happen overnight, but I very much welcome so many housing associations and councils matching my ambition by committing to build the new and genuinely affordable homes Londoners so desperately need.
Orbit is the UK’s second largest developing housing association, completing 1,788 homes in 2016/17 and this year celebrates 50 years as an organisation.