07 . 02 . 2018

£300m loan for Lambeth housing firm

By Natalie Vincent

Lambeth Council will loan its wholly owned housing company £300 million to jumpstart plans to deliver 1,000 homes at council-level rent in the borough.

Cabinet members agreed on the proposed business plan drawn up by Homes for Lambeth (HfL) to build an initial 300 homes and to have over 500 newly built homes under its management within five years.

HfL was created to tackle the shortage of homes in Lambeth; the borough has more than 27,000 households on its housing waiting list, and over 1,700 families in temporary accommodation, including in excess of 3,000 children.

The funding will go to three regeneration schemes at the Knight's Walk, South Lambeth and Westbury estates as well as several other small sites.