Mayor Boris Johnson has launched a £100m fund to increase the availability of affordable housing in London.
The 'First Steps' programme is expected to boost London's construction sector by £1bn, resulting in a £2bn boost for the Capital's wider economy.
Bids are currently being accepted for housing project proposals.
According to Construction News, applications are being invited from small-medium sized housing providers, particularly organisations not working with the Greater London Authority, or those that have never received GLA funding. Bids must be submitted to the GLA before midday on 30 November 2012.
Boris Johnson said:
“For an increasing number of Londoners the capital’s current housing market is just not working and failure to deal with the issue could lead to a damaging exodus that will hamper our competitiveness.
“So, in the long tradition of the great house building programmes of the past and of London’s great philanthropists such as George Peabody, I want to make a new housing covenant with Londoners, one that recognises that those who contribute to our success should benefit from it too.
“The programme we are announcing will not just unlock the door to home ownership for thousands more Londoners, it will give a welcome shot in the arm for jobs in the capital’s construction industry and spur wider economic growth too.”