Tower Hamlets council has approved a £143m funding package to develop the first 351 homes across 10 sites in its Accelerated Housing Programme.
The programme, unveiled by Lutfur Rahman, executive mayor of Tower Hamlets, has a wider target to develop 3,300 homes on 42 council-owned sites across the borough, targeting a minimum affordable housing provision of 51% per site.
Some £70m of the programme’s £143m budget will come from the Greater London Authority via grant funding, with another £30.6m coming from Right to Buy receipts.
“This is an important milestone in delivering on our commitment to provide the genuinely affordable and family-sized homes our residents need,” Rahman said.
“By approving funding for these first 10 sites, we are turning our ambition into action. We are not simply building homes; we are investing in neighbourhoods, improving public spaces and creating sustainable communities that will benefit residents for generations to come.
“Community engagement has been at the heart of this programme and I would like to thank everyone who has taken the time to share their views. Those conversations are helping to shape proposals that respond to local priorities, while delivering the homes our borough urgently needs.”
Further consultation will continue ahead of planning submissions.
In March, the council also launched a search for development and investment partners to help bring forward 52,000 planned homes in the east London borough.
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