Housing association, L&Q is taking ownership of two tower blocks in Croydon to create more affordable housing in the South London area. The acquired tower blocks comprise of 84 and 88 homes.
L&Q will fund £62m towards an affordable housing scheme in partnership with residential developer, Hub, and investor, Bridges Fund Management.
The new development will include both shared ownership homes, along with London Living Rent homes.
The shared ownership scheme allows prospective homebuyers to buy a percentage of a property. The remaining amount is paid as rent to a housing association or local authority. The homebuyer has an option to buy a larger percentage of the property, or buy it outright, in future.
The London Living Rent home scheme, introduced by London Mayor Sadiq Khan, targets middle-income earners. Tenants pay a lower rental rate so they can save for a deposit to eventually purchase the rented property.
Steve Sanham, managing director at Hub stated that the collaboration between L&Q and Bridges Fund Management would see 50% of the development be affordable housing.
L&Q currently owns 95,000 affordable houses in the UK.
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