VICTORY ANNOUNCES £22.7 MILLION INVESTMENT IN AFFORDABLE HOUSING IN THE NEXT 12 MONTHS
Victory Housing Trust has announced a £22.7 million investment in affordable housing for the next 12 months, as it reveals its new budget for the financial year 2016/17, which starts on 1st April.
The Trust has announced that it will spend £12.8 million building new homes over the coming 12 months, and £9.9 million on improvements and repairs to its existing stock.
The significant investment comes at a time when housing associations are facing considerable financial pressure, with government dictating a one per cent reduction in rents for each of the next four years. The first rent cut takes also effect on 1st April.
“In the coming year we will spend an average of £35,000 per day in building much-needed new affordable homes,” said Victory chief executive John Archibald. “On top of that, we will spend a further £27,000 every day on property improvements, repairs and cyclical works.
“There is still a huge demand for affordable housing in the north of Norfolk, and with this announcement the Victory Board has made a clear statement of intent to continue building new homes and investing in our existing stock, despite the economic pressures that all social landlords are under.
“Investing in new homes, and in improving the quality of our existing homes, is right at the core of what we are about. This announcement shows that these are just not words; we are putting our money where our mouth is.”
The Victory Board has also agreed to continue funding the Victory Housing Community Fund for another year, allocating £35,000 to it. The Fund offers grants of up to £5,000 to voluntary and community organisations working at grassroots level.