The Olympic Delivery Authority (ODA) has confirmed that it has secured the remaining funding for the £1.1bn London 2012 Olympic Village after completing a £268.7m deal with Triathlon Homes.

Triathlon Homes, a joint venture between First Base, Southern Housing Group and East Thames Group, will acquire 1,379 out of the 2,800 homes that will be created at the site after the 2012 Games to provide affordable housing for Londoners. Last month, the government and the ODA were forced to approve a further £324m for the Olympic Village project from contingency funds after failing to secure private-sector backing for the development. The scheme will also include public parks and open spaces in legacy mode.

It is now expected that taxpayers are expected to contribute a total of £650m to the scheme, although Olympic organisers hope to recoup funding through the sale of the remaining 1,400 properties. ODA chair John Armitt said: "The Athletes' Village will deliver the legacy of thousands of new homes for Londoners and the affordable housing elements will ensure local people of all backgrounds can benefit from this new world-class development.

"Concluding the affordable housing agreements is an important step and with construction work on site making strong progress, the project remains on track." Image: ODA