£35 million private specialised housing fund announced for London

Today the Mayor of London in partnership with Department of Health launched the second phase of the care and support specialised housing fund. The £35m investment fund offers loan or equity finance for private house builders to deliver specialised housing projects for older people and disabled adults that want to privately own or rent their homes.

The Mayor of London, Boris Johnson said:

“With London’s rapidly growing population it’s vitally important we ensure the housing needs of older people and disabled adults are properly addressed. This funding will encourage house builders to prioritise specialised housing which can easily be incorporated into mixed tenure developments. I would particularly like to see new accommodation with easy access to town centres and local amenities, ensuring residents can fully remain part of the community.“

This programme aims to stimulate and broaden the market options, encouraging private developers to deliver more appropriate, better quality specialised housing for the older and disabled population. Recognising that London’s older and disabled population require greater choice, and the importance of planning more specialised housing now to meet the future challenge of a population who will live longer and have greater care needs.

The offer of loan or equity finance enables the GLA to invest in future supply by reinvesting in further schemes once the loans are recovered.

Developers can also bid for grants to fund affordable products on mixed tenure developments with private and affordable housing for older people and disabled adults.

There will be a special focus on developments in and around town centres, which many older and disabled people find attractive as they can quickly and easily access local shops and amenities (as recommended in the Mayor’s Housing Strategy) and this will also be particularly relevant to many of the newly designated housing zones.