The £8bn deal will see City Hall invest £400m
The mayor of London and housing association L&Q have agreed a partnership to invest £8bn in 20,000 homes across the capital.
City Hall is to contribute £400m of the £8bn to help boost affordable housing delivery and to assist with land purchases and infrastructure costs.
A minimum of 60% of the 20,000 homes will be affordable.
It is the first agreement to be announced under the mayor’s £3.15bn affordable housing deal with the government. The deal agreed last November will see 90,000 new affordable home started by 2021.
Other large scale partnerships are expected to be announced once further funding is allocated in the summer.
Sadiq Khan, mayor of London, said: “For far too long, London has not been building enough homes. This has meant that Londoners born and raised in our great capital have struggled to rent and stood little or no chance of owning a home in their own city.
“I have been clear that fixing the housing crisis will be a marathon and not a sprint, but I am determined to lead from the front and get on with building affordable homes for Londoners to rent and buy.”
L&Q chief executive David Montague said: “Over the last five years L&Q has invested more than £2bn in new homes for London.
“Now, through this ground-breaking strategic partnership, we will build upon our existing pipeline and devote significant additional capacity into delivering even more new homes in the capital.
“By working together, we will guarantee more investment in apprenticeships, jobs, innovative methods of construction, economic growth, communities and homes for years to come.”