The Mayor of London has unveiled a £100m housing fund today, that will allow housing providers to apply for grant to turn market-rate homes on stalled development sites into affordable homes. 

The new money will be made available from recycled capital grant funding. This consists of money returned to the GLA by housing providers when, for example, shared owners ‘staircase’ by purchasing more of their home.

The primary focus of the Housing Kickstart Fund (HKF) is to assist councils and housing associations in reviving paused housing schemes. However, the GLA is also open to discussions with private developers who are involved in halted projects as it recognises that the current market is challenging for both public and private developers.