NEARLY 1,000 homes are to be built in the Tees Valley over the next five years.

The Tees Valley Housing Group (TVHG) yesterday announced plans to invest £75m into the area.

The company, which incorporates Tees Valley Trust, Tees Valley Homes and the Banks of the Wear Community Housing Association (Bowcha) has released its corporate and business plans for the four divisions which reveal what it aims to achieve by 2007.

Among the group's key plans are to build 959 homes at a cost of £53m, to invest £8.4m on improving existing properties, to spend more than £10m on general repairs and upkeep, and to plough £3m into community investment projects.

The TVHG works principally within the Tees Valley and North Yorkshire areas, while Bowcha provides a local focus mainly in Sunderland.

The TVHG specialises in regeneration initiatives, supported housing for young people, community led and black minority ethnic housing, as well as shared ownership and leasehold sales.

The business plans highlight TVHGs overall aims, which include contributing to the regeneration and neighbourhood renewal, increasing the housing stock in areas of economic and demographic growth and meeting the needs of vulnerable people through supported housing.

They also aim to provide choice through alternative tenures, pursuing and recognising future trends and opportunities for growth, and maximising funding opportunities.

Alison Thain, chief executive of TVHG, said: "This latest business strategy is one of the largest and most important initiatives we have ever undertaken at Tees Valley Housing Group.

"It will take place over a number of years and will involve every part of the organisation. We are very excited about the objectives we have set for the next five years and look forward to continuing to develop and manage housing for the community."

Stephen Merckx, chairman of TVHG, said: "Our plans for the next five years are ambitious but we believe the organisation will achieve all the goals we have set.

"We are proud of the links we have forged with communities throughout the North-East, and the business plans prove we intend to build on our relationships in the coming years."