£40m loan to pay for 400 new homes
Construction will shortly begin on 400 affordable homes in the Highlands, after a local housing association secured a bank loan of £40m from RBS.
Albyn Housing Society based in Invergordon, said the deal meant those working in housing association jobs would be able to help reduce the number of people currently on a waiting list for housing.
The latest figures from Highland Council indicate that there are more than 11,000 people on the waiting list, highlighting a real need for affordable housing in the region.
The project will include the construction of 42 new homes built in partnership with Robertsons at Westercraigs, Inverness as well as smaller projects at Inverdruie near Aviemore.
It has already been decided that half of the loan will fund the building of 400 properties, which upon completion will be available for rent or shared ownership. The remaining money from the loan will be used to 'tidy up' loan arrangements previously made with the bank.
Calum Macaulay, chief executive of Albyn told the Construction Enquirer: "We have been working with RBS to renegotiate our current facility and secure additional development funding to enable us to help address the demand for affordable housing in the Highlands."
"We are committed to the development of low-cost, energy efficient homes in communities around the region and to supporting and maintaining healthy communities," he added.
RBS's head of housing finance in Scotland Ian Sillars said: "Lending of this type has the added value of supporting the home-building sector and some of the ancillary businesses which have been severely impacted by the economic climate over recent years."
Author: Hannah McLaverty-Williamson
Keywords: Housing Association Jobs