Manningham Housing Association has today (Sept 1) announced boost of £50.5m to improve their housing portfolio.
The money will be used to build approximately 100 houses across the Bradford and Keighley area.
£36.05m of the funds is being granted by the Royal Bank of Scotland and £14.45m is being found through existing funds to give an overall figure of £50.5m.
The investment comes only 4 years after the association received poor performance ratings from the Regulator of Social Housing.
Manningham Housing Association believes that this news shows how quickly and effectively they have managed to turn their fortunes around.
Lee Bloomfield, MHA Chief Executive, said:
“Having been unable to add to our housing stock for a considerable period, we aim to grow our property portfolio by around 10% over the next five years – taking the total number of units to more than 1,500.
“These are exciting times for MHA, particularly in the wake of the changes made to improve what we do and how we do it. We can now concentrate fully on our core mission of providing high quality affordable homes to individuals and families in Bradford and Keighley who really need them.”
The association was set up in 1986 specifically to help Asian communities who were being neglected by the housing system.
Manningham Housing Association now has an annual turnover of £8.2m and employs upwards of 30 people.