One of the capital’s most high-profile regeneration projects continues to weather the recession, with nearly £27million of Homes and Communities Agency (HCA) funding agreed.

Woodberry Down, Hackney, will see 187 new homes for social rent and 60 for shared ownership built with work set to begin in March.

The homes will be built across two sites, Woodberry Grove North, and Green Lane and are expected to be completed by 2012/13.

The sites are part of Phase One of Woodberry Down’s regeneration programme, which will deliver over 4,500 new homes of mixed tenure and a range of new facilities including a community centre, health centre, business centre, new Academy and extended primary school, as well as retail and commercial opportunities. Planning permission for the Masterplan was granted by Boris Johnson, Mayor of London, in July, 2009.

In addition to the support for Woodberry Down, Hackney Council has received one of the highest totals nationally of HCA funding for local authority new build. Earlier this month £6.26million was approved for 87 homes, on top of nearly £10million announced in September to provide 115 homes, on estates across the borough.

Berkeley Homes is the preferred developer for phases 2-5 of the development and already has the contract to develop the Kickstart Sites. Genesis Housing Group will own and manage the new affordable homes once they are built.

A Principal Development Agreement confirming Berkeley and Genesis as partners is expected to be signed in February.

David Lunts, London regional director at the HCA, said: “This funding keeps the regeneration of Woodberry Down moving with nearly 250 affordable homes for local residents. Woodberry Down is one of the HCA’s priority projects in London and we will continue to work closely with Hackney, Berkeley Homes and the local community to see the scheme through.”