Mayor also publishes funding guidance for first round of City Hall Developer Investment Fund
Sadiq Khan has approved a £50m loan to Peabody to bring forward the construction of more than 500 affordable homes in the capital by March 2032.
The investment will be provided from the Homes for Londoners Land Fund, which was established by the mayor to enable the Greater London Authority to intervene in the city’s land market.
The fund comprises £736m, drawn from the GLA’s housing and land resources, as well as funds secured from the Government.
Part of the fund is allocated for recoverable investments, including buying and preparing land for onward sale and development, development finance and recoverable grant.
The £50m loan to Peabody is made possible through the reallocation of returned funding from existing housing schemes.
Alongside the announcement, City Hall has also published funding guidance for the first round of its City Hall Developer Investment Fund, worth £324m.
The City Hall Developer Investment Fund is meant to continue the work started by the land fund, using money to get stalled development sites moving.
Funding is due to be available from 2026/27, and the GLA expects to select prioritised projects from this summer.
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