GENTOO is joining forces with Mayor of London Boris Johnson to bring 2,000 affordable new homes to the capital.
The Doxford International-based housing company’s Genie Home Purchase Plan, which is targeted at helping first-time buyers and long-term renters on to the property ladder, is to launch in the city with £40million loan finance backing from the Greater London Authority (GLA) through the Mayor’s Revolving Fund, which gives recoverable loans for new forms of affordable housing.
The moves comes after Genie’s successful pilot in the North East, which has seen 88 families move into homes of their own.
Genie is now looking for development opportunities for the first 500 new homes.
Boris Johnson said: “Plans like this provide more accessibility and flexibility for purchasers who may struggle to save large deposits and funding will help accelerate the delivery of much needed new homes across London.”
Genie managing director Steve Hicks said: “This 10-year partnership with the GLA will help customers into a minimum of 2,000 new homes in the capital who otherwise would have struggled to own their own homes, because of the difficult market conditions in London.”