ODA signs off £269m agreement with Triathlon Homes to turn athletes' village into low-cost homes

A deal to turn part of the athletes’ village into affordable housing after the 2012 games has been signed off, Olympic organisers announced today.

The Olympic Delivery Authority said it had entered into final agreement for Triathlon Homes, a joint venture between First Base, Southern Housing Group and East Thames Group, to buy 1,379 homes.

The company will invest £268.7m in the purchase, which includes a £110m grant from the Homes and Communities Agency, equity from Triathlon and lending from a banking consortium.

ODA chairman John Armitt said: “Concluding the affordable housing agreements is an important step and with construction work on site making strong progress, the project remains on track.”

Bob Kerslake, HCA chief executive, added: “Our funding means the olympic village will provide the widest possible choice of tenures to meet the diverse needs of residents of east London, an area that has been designated to support housing growth in the capital well beyond 2012.”