The greenest building is the one that’s already standing, and this week London officials announced that the buildings from the 2012 Olympic Village will be transformed into rental units, and many of them will be reserved for low-income housing. It has just been announced that the Olympic Village in London will be getting a face-lift to accommodate a new neighborhood, which London is calling the East Village. The East Village will have 2,818 brand new homes to be rented for this summer, and 1,379 of these homes will go to low-income Londoners. This is a great solution for London, since the city’s housing shortage was intensified by the global recession in 2007.

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Cranes and construction crews have been busy at the Olympic Village since it was purchased by the Qatar wealth fund Qatari Diar and British developer Delancey for $870 million. The Olympic Delivery Authority is currently removing all the temporary structures that were in place for the Olympics so that new kitchens can be retrofitted into the 2,818 apartments in the village. The first batch of apartments should be ready for rent by August. London Housing Association Triathlon Homes will be offering the low-income apartments, while Qatari Diar will lease the other properties at market rates.

The move will add some much-needed inventory to the London housing market. The UK has traditionally been unkind to renters, and a study by the housing charity Shelter found that 55 percent of renters believed that they wouldn’t ever be able to save enough to buy a home. The new East Village will offer rental apartments at reasonable rates in order to begin to change that perception. The residential housing system, Get Living London, has launched a campaign to begin to move people towards East Village. Who wouldn’t want to live in an area that has a new education campus, health center, restaurants, and is close to the Olympic Park?

Via A/N Blog

Photos by David Holt and EG Focus