An extra £73m in funding for building new homes in Tower Hamlets has been given the green light at a Cabinet meeting this week (Wednesday).
The additional money, which has been made available through reprioritising other building projects and increased Right to Buy sales, will be used to help the Council deliver on its target of 1,000 social homes for rent a year.
A breakdown of the £73m includes £33.4m that will be allocated to new housing development schemes, £20.1m for new schemes that are yet to be formally approved, and £19.7m to cover additional costs on existing schemes that are underway.
The additional funding will pay for 67 new homes that were already in the pipeline, including Ensign Youth Centre, Whitehorse Road, Bradwell Street, Wapping Lane and Solander Gardens.
New homes under consideration that could now be funded include Whitechapel Sports Centre, John McDougall Park, Christian Street, Pigott Street, Lark Road, Cubitt Town Library, and John Orwell Sports Centre, which will provide up to an estimated 126 homes.
Lutfur Rahman, executive Mayor of Tower Hamlets, said:
“We’re determined to provide the homes that the people of this borough need and a big part of that is ensuring we have adequate funding in place.
“In prioritising how we spend this money, we’ve taken a significant step toward realising our ambition of delivering 1,000 new social homes for rent a year.”
Cllr Kabir Ahmed, cabinet member for Regeneration, Inclusive Development and Housebuilding, said:
“We have an ambitious plan to deliver 4,000 social homes for rent in Tower Hamlets. Overcrowding is a serious problem that affects the lives of many of our residents and this additional £73.2 million will go a long way to deliver this pledge.”
For more details on the decision, read the report that was approved by the Mayor in Cabinet on 20 September 2023.