It will focus on Londoners who are at risk of becoming homeless.
London boroughs will provide safe accommodation for families on the edge of homelessness, and work together to boost accommodation across the capital.
The scheme was announced by Communities Secretary Rt Hon James Brokenshire MP on 31 December 2018.
James Brokenshire MP said: "Everyone deserves a safe and secure home. I've seen for myself how hard each of the London boroughs works to provide those that are homeless with the support they need and a roof over their heads.
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"This radical new way of working and unprecedented collaboration between the boroughs and government will make a real difference – providing more accommodation for the vulnerable and helping them to get back on their feet and away from homelessness for good."
Councillor Darren Rodwell, London Councils' Executive Member for Housing & Planning, said: "With so many homeless households and so little accommodation available, London faces the country's most serious homelessness challenge.
"Capital Letters is a crucial opportunity to do things differently – and we are extremely pleased to have the government's support for this innovative work.
"Through collaboration, boroughs will collectively strengthen our market position and secure much better housing options for homeless Londoners."
Over the next three years, the scheme is expected to help over 35,000 households within Greater London out of homelessness.
(CM/MH)
