Record HCA grant secures £1bn scheme

Work on the first phase of the 4,500 home Woodberry Down scheme will begin in March after long-running negotiations with the HCA were concluded last Friday.

The funding provided for the scheme will be drawn from the body’s National Affordable Housing Programme and represents the largest single grant the HCA has ever issued.

The first phase of the scheme will see 187 social and 60 shared ownership homes built. Construction has already started on 117 homes that are part of phase one, which received £16 million of Kickstart funding from the HCA.

The council also announced that Berkeley Homes have been chosen as the preferred developer for phases 2 to 5 of the scheme while Genesis Housing Group will own and manage the new affordable homes on Woodberry Down once they are built.

A principal development agreement confirming Berkeley and Genesis as partners is expected to be signed in February.

Steve Douglas, interim corporate director for neighbourhoods and regeneration at Hackney Council, said: ‘This scheme is a great example of a successful partnership between a local authority, the developer and the HCA. The HCA backing shows its confidence in our plans, despite the difficult economic backdrop.’

David Lunts, London regional director at the HCA, said Woodberry Down was one of the HCA’s priority projects in London and it would continue to work closely with Hackney, Berkeley Homes and the local community to see the scheme through.

The homes in the first phase will be built across two sites, Woodberry Grove North, and Green Lanes. The sites are expected to be completed by 2013 at the latest and will also include a health centre, community centre and a new academy.