The government has backed a Build to Rent development at Wembley Park with a £65m loan.
The development will create 7,600 homes, including 6,800 for rent, by 2026.
The housing developer Quintain will match the funding – meaning spending on the development will reach £130m.
Alok Sharma, Housing Minister, said: “Whether renting or owning all families should have the security they need to be able to plan for the future.
“That’s why as part of our plan to fix the broken housing market we’ve been taking action to create a bigger and better private rental market, supporting new Build to Rent developments so that tenants can have greater choice.
“Developments like Wembley Park are a great example of doing just that, boosting the choice and quality of homes on the market – meeting the needs of renters in cities and towns across England.”