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VICTORY ANNOUNCES £25 MILLION INVESTMENT IN AFFORDABLE HOUSING IN THE NEXT 12 MONTHS

30th Mar 2015
Victory homes 1

Victory Housing Trust has announced a £25 million investment in affordable housing for the next 12 months – following news that, two years into a ten year plan to build 1,000 new affordable homes, it is already 29% ahead of target.

The huge new budget for the financial year 2015/16 – which starts on 1st April – will see £14.7 million allocated to building new homes, and £10.3 million spent on improving its existing stock.

In 2013 the Trust announced an ambitious ten year plan to build 1,000 new homes by 2023.  Two years into that plan, it has delivered 258 new homes – 29% ahead of target.

“In the coming year we will spend an average of £40,000 per day in building much-needed new affordable homes,” said Victory chief executive John Archibald.  “On top of that, we will spend a further £28,000 per day on property improvements, repairs and cyclical works.

“There is still a huge demand for affordable housing in the north of Norfolk, which is why we are moving ahead swiftly with our ambitious plan to build 1,000 new homes over a ten year period.  The news that we are ahead of target, and that we have allocated £14.7 million towards new build in the coming year – up by over 50% on last year’s budget – shows that we are serious about delivering on that promise.

“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 2015/16 budget also includes £200,000 to support community projects, primarily distributed via the Victory Community Fund and the Victory Strategic Fund, both of which are administered by the Norfolk Community Foundation.