Mayor of London Boris Johnson has launched a new initiative to build more homes and create opportunities for business in the Olympic Park.

As part of the proposals 10,000 new homes are to be built, along with a business hub and an Olympic University in Hackney Wick."Both translate into a clear boost for local prosperity and a signal of the area's new importance in a 21st century London," the London Development Agency has said. Mr Johnson noted that the Olympic budget would be used to attract businesses from around the UK and the rest of the world. The mayor said he had been worried there was no clear vision of the legacy left for east London by development in the area."Now I believe that the future for this most deprived area is spectacularly bright," he commented. London boroughs have already shown their support for shared ownership housing. Lambeth, for example, announced it was to take part in a Social Homebuy scheme in March 2007.

Source: Direct News 11/02/09