A Norfolk affordable housing provider has announced a massive £130 million investment programme over the next five years which will see it doubling the pace at which it builds new affordable homes.
Victory Housing Trust, which has just handed over the keys to the 750th new home it has built since coming into existence in 2006, has pledged to boost that figure to 1,600 new homes by March 2022 – which means it will build a new home every 2.14 days over the next five years.
The £80 million commitment to build more new affordable homes comes after figures for 2015/16 showed that Victory is already building at nearly twice the national average rate for social housing providers.
The North Walsham-based housing association has also pledged to spend £50 million over the next five years in improving and maintaining its existing stock.
Victory has also pledged to invest £835,000 in local communities during the five year period, bringing its overall commitment to £1.75 million since 2006. The Victory Housing Community Fund, which delivers grants of up to £5,000 has so far given out grants totalling £368,385 to 134 community organisations.
The community investment will be focussed on four key areas: befriending; employment support; community transport; and support for young people.
Victory Housing Trust chairman Philip Burton commented, “Our new five year plan is focussed on three clear priorities: building more affordable homes; improving and looking after all of our homes; and supporting our residents to help them thrive in their homes and communities.
“It has never been so important to work hard to increase the availability of affordable homes in Norfolk, and so we have taken the bold decision to double the rate at which we are building new homes.
“Victory will spend £130 million in building, improving and maintaining affordable homes in the county over the next five years, as well as investing in support for our residents, additional help for those looking for work, and in the wider community.
“This is a robust five year plan which is designed to tackle some of the most pressing and challenging needs in Norfolk.”
About Victory Housing Trust
Victory Housing Trust is a charitable registered social landlord which owns and manages over 5,000 properties in Norfolk, serving over 10,000 residents. It employs 80 staff.
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