Only weeks after completing a merger with Liverpool Mutual Homes, Torus has announced it has secured £66m from Government agency Homes England.
Torus, the largest stock holding housing organisation for the North West, has confirmed plans to invest £750m in providing new homes following its appointment as a Strategic Partner with Homes England.
The Homes England Strategic Partnerships – Wave 2 initiative – is designed to give ambitious housing associations the investment and flexibility they need to significantly increase the supply of new homes.
Torus have been awarded £66m funding through the Strategic Partnership announced by Homes England earlier today and this will stimulate further significant investment from Torus, underlining the organisation’s commitment to tackle the local and regional shortage of quality affordable homes.
One of a small number of organisations across the country to receive this funding, Torus now plans to accelerate its new-build delivery programme of 5,300 much needed affordable homes for rent and future home ownership over the next five years across the North West.
As well as enabling the diversified Torus Group to deliver upon its vision of dynamic new-build growth, Wave 2 funding will also help to support the regional economy and strengthen local communities.
Torus Group Chief Executive Steve Coffey said, “The Homes England Strategic Partnership will have a massive impact on our new build plans for the next five years.
“The Partnership funding will see our development programme grow by 29%, which will mean wider housing options and additional new homes built across the North West, especially in our heartland areas of Liverpool, St Helens and Warrington.”