In an historic settlement for Londoners, Communities and Local Government Secretary, Eric Pickles has today announced £3 billion of funding for the Greater London Authority for housing and regeneration in London.

These responsibilities reflect the Mayor of London's new powers and have been transferred to the Greater London Authority following the Localism Act 2011.

From this April, and in line with Government's commitment to decentralise power away from Whitehall, the Mayor of London - and not Ministers - will be accountable for the capital's affordable housing programmes including key development sites like the Greenwich Peninsula, and east London's Olympic legacy.

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The £3 billion funding supports the Mayor's four year commitment to build 55,000 affordable homes by March 2015, and to bring 45,000 existing social homes up to standard across London, as well as supporting the Mayor's plans for the Olympic Park.

The current Olympic land and debt deal, first agreed in March 2010, will also be replaced by new receipt sharing arrangements for the Olympic Park to reflect the devolution of Olympic legacy to the Mayor and to protect the interests of the taxpayer.

Mr Pickles said: "This settlement hands real power to London allowing Londoners to manage their own affairs. It goes hand in hand with the new localism powers and spending freedoms we are handing councils around the country so they can be as efficient and effective as possible with public funds.

"The lasting legacy from the Olympics will showcase the regeneration and house building achievements that ensures London remains a truly great city."

(CD/GK)