Mayor launches £220m low-cost housing package

Thu 15th January 2015, 5:39 pm

Mayor of London, Boris Johnson, has launched a £220 million package of loans to help build 6,000 homes in the capital.

As part of the package, housing association Gentoo will develop a deposit-free home ownership product, at the cost of £40 million. This will help buyers build up equity in their home over 30 years, without ever having to take out a mortgage or pay a deposit.

Under the scheme, 2,000 homes are scheduled to be built during the next 10 years.

London mayor, Boris Johnson, has also launched the £180 million First Steps challenge fund, which will offer loans to accelerate the building of 4,000 shared ownership homes by 2020.

Johnson said: "Shared ownership is crucial in helping the unprecedented numbers of people in London who are desperate for good quality low-cost housing.

"I want the funding announced today to help thousands more Londoners own homes and create more developments."

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