A report by the Housing Committee found that the total of new affordable homes completed in London last year was well below last decade’s average.
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The initiative, which will allow people to rent homes at 80% of market rent, will be launched with a pilot project involving 14 new homes in Dingle.
The new Night Time Enterprise Zone, now open to bids from London borough councils, will help councils, businesses and residents try out new ideas to liven up their high streets after 6pm.
The funding will go towards the third round of his £70m Good Growth Fund, which aims to support growth and community development in London.
Six of Glasgow’s council wards – Baillieston, Calton, Canal, Drumchapel/Anniesland, Greater Pollok, and Pollokshields – will get hubs in the first phase.
The scheme at Upton Park, being built by Morris Homes, will form part of a wider 860 home development being overseen by Homes England.
‘We are proud to be investing – not spending – in order to maximise income to the council.’
The council has been given £622,000 to launch the hub, which will offer homeless people beds, support and guidance to help them find accommodation.
The scheme aims to give ailing ‘heritage’ high streets a boost through building repair work and conversions into to new uses that ‘restore and enhance’ local historic character.
‘A proper national debate on how much we are willing to pay and what we expect of councils is therefore needed.’