Legal & General announces an innovative partnership with Croydon Council to provide 167 homes for families on the housing waiting list.
16 Apr 2019
These homes, a mixture of houses and apartments in Croydon and neighbouring Boroughs, will be leased to Croydon Council on a 40-year term, after which time they will belong to the council. Rents will be set at Local Housing Allowance (‘LHA’) levels. The partnership is supported by a £44.6 million investment from Legal & General.
The homes will provide much-needed stability for local families and residents, many of whom have been living in emergency accommodation. The partnership will mean better outcome for Croydon families in housing need as well as creating around £20 million in savings for the council.
With waiting lists for UK affordable homes reaching over 1.3 million, and over 2,000 families requiring Temporary Accommodation in Croydon alone, Legal & General is delighted to be creating a blueprint for institutions and the public sector to work together to tackle the UK’s housing crisis.
Eleanor Bucks, Managing Director, Direct Investments and Real Assets: "We are delighted to be partnering with Croydon Council and investing in much needed local housing. We are committed to investing in the UK, particularly where we can play such an important part in people’s daily lives."