Prosperity Group, a £435m Birmingham-based residential developer and investor, is launching a new social housing company, Prosperity Vita, with plans to deliver 500 homes in the next five years.
The company, subject to regulatory approval, will enable the direct delivery of social housing within larger residential developments being brought forward by the Prosperity Group.
The new schemes will be launched across the country, including in Birmingham, Nottingham and Norwich.
Prosperity Vita will ensure that social housing within larger developments has a guaranteed operator by aligning the delivery and management of new affordable homes. Social tenants will also enjoy the same quality and benefits as private residents.
Joe Billingham, chief executive of Prosperity Group, said: “We have been left frustrated by a social housing system that often discourages the delivery of new homes, particularly for affordable rent.
“We want to stand behind our commitment to the communities in which we operate and ensure that enough quality housing, of all tenures, is brought forward.
“Subject to regulatory approval, Prosperity Vita will deliver and manage quality social housing across the Prosperity Group portfolio. This will be ‘tenure blind’ so there is no difference between the quality of market and affordable rent homes in any development.
“We want to support the creation of vibrant new communities that offer high-quality, truly affordable homes for local people. We will also work closely with local authorities to meet their identified need and deliver real social value.”
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