Fledgling provider secures backing for affordable homes drive
Charity Bank will provide £5m funding to Birmingham-based Prosperity Vita, with the social housing group eyeing up delivery of housing schemes in the West Midlands.
Prosperity Vita is the affordable housing arm of the wider Prosperity Group, which has delivered more than 4,000 homes across the UK.
The group says the funding will allow Vita, which was established in 2023 and became a registered social landlord last year, to grow its affordable housing pipeline in the region.
Joe Billingham, chairman of Prosperity Group and Prosperity Vita Board Member, said: “Securing funding from Charity Bank is a significant milestone for Prosperity Vita and reflects the strength of our long-term vision for affordable housing delivery and sustainable community growth.
“This investment will support us as we continue to unlock, acquire and deliver much-needed affordable homes, while maintaining the highest standards of quality, compliance and resident focus.
“Birmingham is our home and has played a central role in Prosperity Group’s growth. Through Prosperity Vita, we want to build on that track record by supporting high-quality affordable housing delivery in the West Midlands and across the UK.
“Prosperity Vita was created to help ensure affordable homes are delivered and managed to the same high standard as private homes. By aligning our registered provider role with Prosperity Group’s wider development platform and approach, we can support the creation of tenure-blind communities where residents have access to safe, sustainable and affordable homes.”
Prosperity Group’s West Midlands schemes include the £35m JQ Rise in Birmingham, a 226-home development in the Jewellery Quarter, and Smithfield House in the city centre.
Adam Ruffinato,head of structured finance at Charity Bank, added: “Prosperity Vita’s focus on delivering safe, affordable housing and its strong local presence in Birmingham aligns closely with Charity Bank’s mission.
“We are pleased to support their work and the positive impact it will have on local communities.”
