London Mayor’s Land Fund makes loan for Holloway site
0The Mayor’s Land Fund will lend £42m to help the Peabody housing association buy the former Holloway prison site from the Ministry of Justice.
The terms of the loan require Peabody working together with private developer London Square to begin work by 2022 on over 1,000 homes, of which at least 60% must be affordable housing.
Of this affordable portion, 70% will be for social rent, with the balance being either shared ownership or London Living Rent.
Making the announcement last week, London’s mayor Sadiq Khan said: “Our ground-breaking loan to Peabody means the majority of new homes on this site will be genuinely affordable – with around four in 10 of all new homes being for social rent.
“We’ve developed planning policies with the council that support this, and that also set out how the development should include public green space and a new centre for women.”
Khan has a target of starting 116,000 “genuinely affordable” homes by 2022.
The Mayor’s Land Fund was set up with £250m from City Hall and nearly £500m from the central government to speed up housing development and ensure at least 50% affordable housing on public-land sites.
