Lovell has already been working for the council for the past six years on a housing modernisation programme.
The two new developments will create 149 new homes, to be built to Level 4 of the code for sustainable homes, making them 44% more energy-efficient than current building regulations require.
The work will take place across two sites: the former Alexandra National House site, a mixed tenure development where Lovell will build 42 homes for open market sale and 67 affordable rented properties; and a site at Shepherds Lane where 40 homes for affordable rent will be constructed.
Work is expected to start on both developments in March, with the Alexandra National House site due to be completed in March 2014 and the Shepherds Lane site due to be completed in March 2012.
In what is thought to be one of the first examples of local authority cross-subsidy of site development, Hackney Council has enabled the development of the homes for sale on the Alexandra National House site in return for Lovell investing in the broader scheme by constructing 20 council-owned homes at the Shepherds Lane site, which will have a design and build value of approximately 拢3m.
Morgan Sindall chief executive Paul Smith said: "Housing continues to be a priority for councils across the UK and we are pleased to be able to play an important role in an innovative funding model that allows Hackney Council to unlock the value of its land portfolio.
"The mixed tenure approach the council has adopted mirrors our view of how affordable housing schemes will be delivered and we look forward to working together to deliver much-needed affordable homes in the borough."
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