Genie is a 30 year homeownership plan which doesn’t require a mortgage or deposit and is targeted at helping first-time buyers and long-term renters into home ownership.
It is looking to work with London developers to acquire new build properties, development land and joint venture opportunities.
The London investment follows Genie’s successful pilot in the North East of England which has seen 94 families move into homes of their own.
Peter Walls, Chief Executive of Gentoo Group, said: “We’re thrilled that the GLA has recognised Genie is an innovative solution to help first-time buyers and we look forward to seeing people move into their own homes.
“We created Genie after asking ourselves the question where are our children going to live? We recognised that there is a large section of society who would like to own their own home but who have been unable to.
“Genie is an ethical and unique product that helps people to access affordable homes in the locations they want to live.”
Steve Hicks, Managing Director of Genie, said: “Now the deal has been signed with the GLA we are going full-steam ahead in acquiring sites for Genie customers.
“We hope to have the first properties available to customers by the end of this year.
“Genie was set up as a way to help those people who want to get onto the housing ladder but who haven’t been able to because of a number of reasons, including saving for a deposit while renting.
“This 10 year partnership with the GLA will help customers into a minimum of 2,000 new homes in the capital who otherwise would have struggled to own their own homes, because of the difficult market conditions in London.”
The investment in Genie has come through the Mayor’s Revolving Fund, which gives recoverable loans to fund new forms of affordable housing.
London’s Deputy Mayor of Housing, Land and Property, Richard Blakeway, said: “The idea that Gentoo have come up with through the Genie product, of allowing people to effectively purchase their home through their monthly payment, is offering something new and exciting for the housing market.
“Genie is very suitable for London where for many people the aspiration is to own a home but the reality is that they will never be able to raise the deposit to do so.
“It offers more choice for Londoners and more options for people who want to be able to buy a home.”