£38 million funding pot up for grabs for community-led housing schemes

Local London Assembly Member, Joanne McCartney AM, is calling upon community groups to bid for a share of a new £38 million community-led housing fund, launched by City Hall on Wednesday (16th January). Ms McCartney has praised the scheme and said that it “will put local people at the centre of tackling our housing crisis”.

Over the next four years, the London Community Housing Fund is set to deliver 500 community-led, genuinely affordable and social-rented homes across the capital.

The funding pot will be shared amongst successful projects to enable local residents to have direct involvement and oversight in the building and delivery of new homes, through co-operatives and community land trusts.

The new fund is one of the measures being taken by City Hall to kickstart the building of 116,000 genuinely affordable homes by 2022.

However, City Hall modelling shows that the Greater London Authority (GLA) still requires an injection of an additional £1.8bn more funding per year from the Government to meet the full-scale of the demand for affordable homes in the capital.

Local London Assembly Member, Joanne McCartney AM, said:

“Though a small part of London’s overall housing mix, with the right support, community-led housing schemes can play an important role in delivering the genuinely affordable homes we need.

“I am delighted that this new funding will put local people at the centre of tackling our housing crisis, and I would urge as many community groups as possible to get their bids in.

“Despite the wide range of measures being taken by City Hall, there is a substantial funding deficit that the Government needs to urgently fill if we are to meet the full scale of the demand for homes in London”.