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Value for money

Selling older homes which are expensive to maintain and building, modern energy efficient properties for retired people is just one of the measures being taken by Durham Aged Mineworkers’ Homes Association (DAMHA) to achieve value for money.

In the 2013/14 Value for Money (VFM) Statement, the Association outlines the significant progress it is making in delivering value for money across all areas of operation.

This underpins the main priorities of its business plan, which aims to:

  • Maintain financial viability
  • Provide cost-effective services to residents
  • Fund investment in existing stock to maintain standards expected by residents
  • Provide an ongoing development programme to address the under-supply of affordable and appropriately designed homes for older people in the region.

The following key achievements were made during the last reporting year:

  • The Association has built an average of 36 new homes in the last five years and is projecting an average of 15 new properties from 2014 onwards.
  • Savings of around £734,000 have been achieved through efficiencies made in procurement.
  • 30 properties where the anticipated cost of maintenance is not financially justifiable will be released for sale on the open market. This will generate over £1 million in extra revenue which can then be recycled into modern homes.
  • In DAMHA’s last STAR survey, was ranked 1st in a number of categories, including satisfaction with value for money on rent.

Paul Mullis, Chief Executive of DAMHA, said: “Value for money is not a new initiative but something which has been a fundamental ethos of the Association for a long time.

“In absolute terms value for money is being delivered by DAMHA but there is no room for complacency and our goal is to continuously improve in this area.”

The full VFM Statement and accompanying Strategy for 2013/14 can be viewed on the publications page of our website.