Vistry Group PLC (LSE:VTY) said its Vistry Partnerships unit has been selected as a strategic partner by Homes England and has been allocated a five-year, £83mln grant to deliver 1,474 affordable homes across the country.
The group said 25% of the homes will be built using modern construction methods, as required by Homes England. Vistry Partnerships has also committed to building 10% of the homes in rural areas, with 40% delivered via brownfield sites.
The affordable homes will comprise shared ownership, affordable rent, social rent and rent to buy.
“This partnership will accelerate the delivery of much-needed affordable homes, and further strengthen our ambitious growth plans for Vistry Partnerships," said Greg Fitzgerald, CEO of Vistry Group.
The partnership follows the announcement that Homes England is committing £5.2bn in affordable housing grants for the period 2021-2026 to 31 strategic partnerships with 35 organisations.
The strategic partners will deliver nearly 90,000 grant-funded affordable homes that are much needed across the country, Homes England said.
Separately, Vistry announced a commitment to carbon reduction targets, consistent with reductions required to keep warming to 1.5°C.
The group aims to be zero carbon ready by 2025, with a "Future Homes Standard" of 75%-80% reduction in carbon emission compared with 2013.
For homes that are in use, Vistry is targeting net zero carbon by 2030, which means that the designed carbon emission rate is zero for regulated energy with grid decarbonisation for unregulated energy.
For homes under construction, the group has set a target of net zero carbon from 2040. Carbon emissions associated with building homes will be zero, including the emissions from the building's products and construction operations.