Housing trust to invest £200m in affordable housing
Published by Max Salsbury for 24dash.com in Housing and also in Development
Victory Housing Trust has announced a £200 million investment plan in affordable homes in the north of Norfolk.
The plan will see 1,000 new homes built and a £65m improvement programme put into existing properties over the next ten years.
To achieve the maximum number of new homes, some 300 outdated properties which require significant repairs and/or cannot be made energy efficient will be sold, providing funding to build the new homes – a net gain of 700 over the ten year period.
The investment promise is part of Victory's corporate plan. Other promises include:
• Delivering the final Victory Charter promises, and developing a new set of resident priorities once the Charter promises have been delivered.
• Investing £2m over the next ten years in community projects with the immediate focus on employment skills training, services for older people and community transport.
• Increasing investment in front line services, and improving service delivery by investing in technology and social media.
“This is our statement of intent for the next decade,” said Victory chief executive John Archibald. “We are determined to provide as many affordable homes in the north of Norfolk, of the best quality, that we possibly can, and our ten year corporate plan sets out exactly how we are going to do that.
“The board has committed to a massive investment in affordable housing in the area. We will be building an average of two new homes a week for the next ten years, the biggest programme of new affordable home building in the north of Norfolk for many decades.
“To make this possible, we will need to sell some of our out-dated, less energy-efficient stock, to free up funds which will lever in extra investment to enable us to build many, many more new homes. Even taking into account these disposals, we will be increasing the number of homes available by 70 a year – a big step change from the average of 50 we have been building up to this point."