The housing association received 100% of the funding it bid for and will use the money, combined with its own investment, to deliver 624 vital affordable homes across the area. This will include a range of existing large-scale regeneration schemes such as New Union Wharf in Tower Hamlets, the Gascoigne Estate in Barking, and a further phase of the award winning Ocean Estate in Tower Hamlets, as well as several smaller developments across east London. Funding has also been secured from the Homes and Communities Agency, enabling East Thames to develop an extra care facility in Essex.
The funding, from the Mayor’s Housing Covenant 2015-18 Programme, aims to address the London housing shortage. Mayor of London Boris Johnson said:
“The only way to address the huge demand for housing and tackle the 30 year backlog of under-supply is to build more homes. We’ve worked closely with expert housing providers to ensure this funding will deliver much-needed low-cost homes across the capital.”
Tony Clements, assistant director of strategic initiatives at East Thames, said:
“We are committed to the regeneration of east London and Essex and this funding will help us create much needed homes in the areas we work in. Over the next three years we’re going to build 1,100 homes which will include social rented homes as well as homes for affordable rent and shared ownership.
“We’ve worked very successfully with the Mayor of London and hit all the targets for the past five years. We’re looking forward to working with them further in the future.”