Catalyst has been awarded over £118 million from the Greater London Authority (GLA) to deliver 1,000 new affordable homes in the city. The money comes as part of the GLA’s £3.46 billion affordable homes grant, with Catalyst one of 53 organisations to receive new funding.
Catalyst’s bid for the new funding was designed to support the Mayor’s ambition to deliver more social rented homes in London, and a majority of the new homes will be for social rent (54%). The bid will also assist 465 households into homeownership through shared ownership.
Richard Smith, Catalyst’s MD for New Homes (London) said: “We’re delighted to receive this new grant funding from the GLA, which will help us to build more new affordable housing in the capital over the next five years. We are absolutely committed to building the best, sustainable new housing in London, creating new places and helping communities grow, and this funding will help us do that.
“The GLA have always been an important partner to Catalyst, and they’ve played a major role in helping us deliver some our award-winning new neighbourhoods in the city. We’re very excited to see our new developments coming through thanks to this funding and look forward to developing new projects as well.”
The funding will support the existing Catalyst pipeline as well as enabling new business opportunities, subject to fulfilling the programme criteria.