Mayor of London Gets £3 Billion Fund for Affordable Housing

 The government has transferred a fund of £3 billion to the Mayor of London, Boris Johnson, to build more affordable houses as well as to oversee the long term development of the Olympic Park and the surrounding areas.

The new investment will give greater power and more responsibilities to the Mayor of London’s office. Boris Johnson welcomed the decision of the government which will create thousands of new jobs and boost the building construction sector.

Mr Johnson said: “We are now in a great position to drive forward vital investment that will deliver more affordable homes across the city, secure a lasting legacy in the Olympic Park and create thousands of new jobs.”

Some 55,000 new affordable houses are expected to be built by March 2015 as well as bringing 45,000 existing homes up to standard across London.

The announcement comes as the Communities and Local Government Secretary, Eric Pickles, is preparing to hand over functions from the Homes and Communities Agency’s (HCA) to the capital and the Greater London Authority (GLA).

Mr Pickles said: “The funding will enable the Authority to support the housing programmes it will inherit from the Homes and Communities Agency, the closure of the London Development Agency, and transformation of Olympic Park  and legacy, as well as its existing functions.”

Mayor of London, Boris Johnson added that this agreement will enable for greater responsibility in housing schemes across London.

Mr Johnson said: “I will do all I can to grasp the fantastic opportunities this settlement provides and ensure that London becomes an even better place to live, work and invest in.”

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