The Mayor this week, in his Affordable Homes Programme 2016-21 Funding Guidance announced his plans to build 90,000 new affordable homes over the next five years to 2021, securing £3.5billion to begin building.
He stated that his ‘long-term aim is for all of new homes to be affordable, up from 13% in planning permissions given towards the end of the previous Mayor’s term.’
The mayor also released the draft Affordable Housing and Viability SPG 2016. Its aim is to ensure existing planning policy is as effective as possible in the build up to the updated London Plan. The SPG sets out the ‘threshold approach to viability’, proposing the threshold to be set at 35% of a scheme to be affordable housing based on habitable rooms.
A public consultation of this document will run for three months from the 29th November to 28th February 2017.
Further guidance can be found here.