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Boris Johnson eyes further HCA bailout cash

London Mayor Boris Johnson has vowed to win more funding from the Homes and Communities Agency (HCA) for a raft of ailing developments across the capital

The announcement came as work started on Allies and Morrison’s 950 home redevelopment of the derelict St Andrew’s Hospital site in Bow, east London (pictured right) which was saved from the shelf by the HCA last month.

Backed by landowner the London Development Agency, the scheme was one of five housing developments to receive rescue funding as part of a £93 million bailout from the agency.

Speaking about the scheme the Mayor of London Boris Johnson said: ‘It is great to see this development [half of which will be affordable housing] kick-started with funding from the London Homes and Communities Agency.

‘I will continue to use my position as chair of the London Board of the HCA to identify more developments like these to ensure that they are not delayed by the economic downturn as this sector will play a vital role in the recovery of the capital’s economy and its future prosperity.’

The HCA’s London Regional Director David Lunts said: ‘We are doing everything we can to get projects moving quickly.

‘Our flexible investment model and partnership working means we can respond effectively to bring forward much-needed affordable housing. By working closely with the LDA, Circle Anglia and Barratt Homes, we will transform this derelict site and stimulate potential further investment in the area.’

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