The London region of the HCA will provide over £32 million to unlock the housing element of two major regeneration schemes in Greenwich. This investment is part of the London programme to kick-start development activity during the housing market downturn. The funding was approved by the HCA London Board, which is chaired by the Mayor Boris Johnson.

The HCA has allocated just over £30 million to the first phase of the Kidbrooke Regeneration project where 456 new homes will be provided by Berkeley Homes and Southern Housing Group. A further £2 million has been approved for the first phase of new housing delivered by Bellway Homes and London & Quadrant Housing Trust (L&Q) at Greenwich Peninsula. Greenwich Council is working closely with the HCA and its partners on both sites.

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Funding comes from HCA London's existing National Affordable Housing Programme (NAHP) and complements investment in infrastructure already made by the Agency at Kidbrooke and Greenwich Peninsula. Work should start on the new homes on both sites by the autumn.

The Mayor of London, Boris Johnson, said: "This further funding from London's housing budget will deliver more urgently needed affordable homes, create jobs to support the capital's economy during the downturn and transform the quality of life for thousands of Londoners."

At opposite ends of the borough these two schemes will create new communities and help drive forward the wider regeneration of the area, offering a bright future for Greenwich residents.

David Lunts, HCA London Regional Director said: "The HCA is unlocking major regeneration schemes in the capital by tailoring investment packages for individual projects. Our new approach to investment and the flexibilities we are working with mean that London will benefit from a supply of new and affordable homes in high quality environments. This development activity will also keep hundreds of Londoners in much-needed employment."

(CD/JM)