20th Sep, 2020

Vale social housing group secures £25million to build more houses

A VALE social housing group has secured £25million in funding as part of its five year plan to build hundreds of new homes.

Rooftop Housing Group, which provides more than 6,500 social houses, secured the millions of pounds in funding from Lloyds Bank Commercial Banking to support the housing group’s expansion plans.

The housing group is currently building homes in Pershore and Broadway and this new cash injection brings Rooftop’s total funding achieved this year to £50million to support its five year vision.

This includes plans for 499 social and affordable rented homes, 201 shared ownership sales, 53 market sales, seven Gypsy and traveller pitches and one commercial unit.

Caroline Dykes, Rooftop’s finance director, said: “Rooftop has seen a period of expansion with 11 new developments in the last year. The new funding will help us increase our units by 12 per cent in the next five years, to better facilitate the housing needs across Worcestershire and Gloucestershire, so we look forward to seeing these develop.”

Jatinder Dhaliwal, commercial relationship director at Lloyds Banking Group, said: “Rooftop Housing Association has strong ambitions to expand its provision of social housing across the West Midlands, which our team has supported over the last 11 years.

“Looking ahead, the additional funding will enable Rooftop to further accelerate growth over its 5-year plan. This forms part of our commitment to help Britain prosper.”

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