The Olympic Delivery Authority (ODA) has signed the final agreement for Triathlon Homes to purchase 1,379 affordable homes on the Olympic Village development.

The signing of terms for affordable housing concludes the agreement-in-principle announced by the ODA and Government last month.

ODA Chairman John Armitt said: "After the Games the Olympic Village will deliver thousands of new homes for Londoners and the affordable housing elements will ensure local people of all backgrounds can benefit from this new world-class development. Concluding the affordable housing agreements is an important step and with construction work on site making strong progress, the project remains on track."

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The Village will accommodate athletes during the London 2012 Games. After 2012, it will leave new homes together with new parks, public squares and open space. There will also be an education centre - known as Chobham Academy - within the Village that will provide 1,800 spaces for pupils aged 3-19. New bridges and roads are also being built to connect the new communities with the Olympic Park.

Construction work started on the Village in June 2008 and building work is now underway on seven of the 11 residential blocks. Work on Chobham Academy will begin this month.

(CD/JM)