Hackney’s Haggerston West & Kingsland estates have been formally transferred to London and Quadrant Housing Trust during a special event at Hackney Town Hall, after more than 70 per cent of tenants voted in favour of the transfer last year.
Over the next eight years more than £140m will be invested in the estates, including government funding of around £8.5m.
Residents have worked hard on the development of the scheme, which will see the construction of 761 new, larger homes, including 418 affordable homes, a new community centre, as well as improvements to communal areas.
London and Quadrant has already begun work on the estates, cleaning communal areas and carrying out grounds maintenance works, as well as gas safety inspections, repairs to residents' homes, pest control, deep cleaning bin areas and drains, and removing untaxed and abandoned cars.
David Montague, chief executive of London and Quadrant Housing Trust, said: "It has taken a long time and a lot of hard work to get to this point, but now the homes have transferred to L&Q it is up to us to work even harder with residents, contractors and LB Hackney to deliver all of our promises and create a place that residents can be really proud of and happy in."
Residents, the council and London and Quadrant have been meeting during the past year to plan the next steps, with work expected to begin on the first phase of the redevelopment over the next few months.
Debra Herring, chair of the Haggerston West and Kingsland Estates Development Management Committee, said: "We are all very excited that we have a chance to really be involved in the way our estates are going to look and how our community is going to go forward."
Councillor Jamie Carswell, Deputy Mayor of Hackney, added: “I’m delighted that residents can now look forward to brand new, larger family homes in estates fit for the 21st-century.
“London and Quadrant is set to deliver a brighter future for Haggerston West and Kingsland, as well as more affordable homes.”