New homes planned

Update, July 2010

Following competion of the Garden Way scheme in June we have now delivered the remainder of our development strategy to 2010, and our attention is turning to potential new projects.

These will include the acquisition of two four-bed houses in Shanklin, with the asistance of grant from the Isle of Wight Council. We also intend to be involved in small rural schemes as well as larger development projects in East Cowes and at Pan Meadows in Newport.

In all, a further 30 homes are planned over the next five years. This will be achieved through continued working with the Source Development Partnership.

We completed the successful negotiation of £2 million long term finance from Nationwide Building Society in January 2010.

Partnership working....

The Association is a partner in the Source Development Partnership, a major development consortium, favoured by the HCA, and comprising associations operating throughout the South and South West. It is through this vehicle that VHA is able to continue with its grant-funded development strategy, about which you have just read.

Leasing temporary homes....

In addition, we are still endeavouring to negotiate with the IW Council for an extension of our highly successful housing association leasing scheme (HAL), an element of which is partly subsidised by the Council.

Serious financial cutbacks at the Authority has delayed the process at the present time, although the Association continues to take on new leases without recourse to the Council. Paul Hann, Chief Executive of Vectis HA said 'The scheme has made a major contribution to assisting the local community with much needed temporary accommodation over its thirteen years, and it will be a shame if such homes as might otherwise be made available, are lost to the sector because of changing priorities at the Council.'