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A £54.4m package has been launched to tackle longstanding housing blight adjacent to the A406 in the London Borough of Enfield.
The deal between London mayor Boris Johnson and the London region of the Homes and Communities Agency will upgrade and refurbish more than 400 properties originally compulsorily purchased by the Department for Transport in the 1970s to allow a major expansion of the A406.
The properties, which had languished in disrepair, were inherited by Transport for London from the Highways Agency in 2000 but the original plans were abandoned for a much smaller road improvement scheme, approved in September 2008.
The homes will now transfer to Notting Hill Housing Trust, which will invest a further £35.6m to refurbish them and build more affordable properties on the vacant sites, bringing total investment in the area to £90m.
"This sorry saga, and longstanding blot on London?s landscape, created by the dithering of successive governments, will be removed", said London mayor Boris Johnson.
"Hundreds of Londoners and their families will now benefit with new affordable homes and this is a major step forward in the ongoing drive to reduce the scandalous number of empty homes in the capital."