Legal & General invests £45m in housing for homeless families in the U.K.

Legal & General has partnered with the Croydon Council to provide 167 homes for families on the housing waiting list. These homes, a mixture of houses and apartments in south London’s Croydon and neighboring 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 levels. The partnership is supported by a £44.6 million ($58.3 million) investment from Legal & General.

“The council set up Croydon Affordable Homes so hundreds of local families can get good-quality homes with secure tenancies, and Legal & General’s investment will save us around £20 million [$26.2 million] in loan costs that means we can assist even more families in the long term,” said Councilor Alison Butler, Croydon Council’s cabinet member for Homes and Gateway Services. “At a time when the government is squeezing how much it funds local authorities, this innovative partnership offer