Communities minister Don Foster has visited the William Street Quarter development to witness first-hand the London Borough of Barking and Dagenhamís innovative Reside project.
Mr Foster, who is parliamentary under-secretary of state for communities and local government, was shown the under-construction 201-home scheme, which will be let and managed by council-run company Barking and Dagenham Reside.
The town-centre scheme is the sister project of the 276-home Thames View East development. Both are creating new affordable housing in the borough through a first-of-its-kind long-term financing agreement.
Darren Henaghan, Barking and Dagenham’s corporate director of housing and environment said Mr Foster’s visit had allowed the authority to fully explain the scheme.
“By working with a private sector funder we are delivering 477 quality new homes despite the most challenging economic conditions in living memory,” he said.
"We believe this is a model that could be repeated elsewhere, and could help to provide many more affordable homes in other parts of the country.”
The council’s private partner is Explore Investments, the investment arm of Laing O’Rourke.
The Partnership, called TPFL Regeneration Limited, will manage the delivery of the projects.
The building works are funded by the institutional asset developer, Long Harbour who specialise in funding projects whilst leaving the asset ownership with the local authority.
The first homes are expected to be ready by the end of the year.
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