The HCA London Board, which is chaired by the mayor, has pledged to commit more than £51.7m of investment for 16 housing and regeneration schemes, which will deliver 518 affordable homes in the capital.

The schemes, which were part of the previous government’s housing pledge, have been at risk because of funding uncertainties and have been stalled since the credit crunch.

The projects include seven former ‘Kickstart’ and nine local authority new build schemes.

The schemes are expected to contribute to the Mayor’s target of 50,000 new affordable housing completions by March 2012.

The investment follows lengthy negotiations to improve the value for money of the schemes, which resulted in a saving of more than £3.6m from the HCA’s London budget.

Boris Johnson said: “Housing must remain a priority, which is why we have rescued these schemes from the spectre of the credit crunch and delivered the cash needed to get construction up and running but at less cost to the public purse.”

The rescued schemes include a project by Metropolitan Housing Trust to develop 105 homes at C2 Clapham Park which has received a £9.1m investment, a 76-home development at Hertford Road in Hackney also by Metropolitan Housing Trust which has received £6m, and a scheme to build 68 homes in Rathbone Market, Newham, by English Cities Fund which has received £13.8m.

A number of other former London Kickstart schemes remain subject to further consideration.

The full list of schemes now approved for funding is as follows:

• Skerne Road, LB Kingston, 10 homes to be built by Crest Nicholson with £365,778 funding
• Leopold Estate, LB Tower Hamlets, 33 homes to be built by Countryside Properties with £1,062,000 funding
• C2 Clapham Park, LB Lambeth, 105 homes to be built by Metropolitan Housing Trust with £9,103,000 funding
• West Hendon, LB Barnet, 43 homes to be built by Barratt Metropolitan LLP with £1,576,967 funding
• Hertford road, LB Hackney, 76 homes to be built by Metropolitan Housing Trust with £6,044,049 funding
• Area 3 Canning Town, LB Newham, 37 homes to be built by Countryside Properties with £4,224,000 funding
• Rathbone Market, LB Newham, 68 homes to be built by English Cities Fund with £13,848,000 funding
• Dabbs Hill Lane, LB Ealing, 8 homes with £716,304 funding
• Chester Balmore, LB Camden, 23 homes with £1,700,000 funding
• Holly Lodge, LB Camden, 15 homes with £1,900,000 funding
• Holly Lodge Estate, LB Camden, 15 homes with £1,500,000 funding
• Elmwood Avenue, LB Hounslow, 19 homes with £1,900,000 funding
• Sheldrake Close, LB Newham, 6 homes with £1,096,550 funding
• Holland Mews Garages, LB Waltham Forest, 12 homes with £1,645,000 funding
• Rayner Garage Site, LB Waltham Forest, 10 homes with £1,400,000 funding
• Rollo Estate New Build, LB Wandsworth, 38 homes with £3,629,000 funding

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