New funding model set to deliver hundreds of homes
A new, Scottish Government backed, funding model is set to deliver 600 new homes across North and South Lanarkshire. Around half of those homes will be affordable homes for rent and a significant number of modern apprenticeships and work placement opportunities are set to be created.
Clyde Valley Housing Association has developed the model with property experts Savills and local councils in the area. The Scottish Government is set to contribute £11 million, with the remainder of the £60 million project funded through private equity and loan finance.
The Scottish Government’s investment has enabled private finance to be leveraged into the project, ensuring that 280 affordable homes for rent will be constructed across North and South Lanarkshire.
Commenting, SNP MSP Richard Lyle said:
“I am delighted that the SNP Government is supporting this novel new way to finance and deliver much needed affordable homes across Lanarkshire.
“With Scotland’s capital budget having been savaged by Westminster, we have no choice but to look to innovative new ways of injecting funds into house building. Bringing together public and private finance to create more than 280 affordable homes across Lanarkshire clearly shows what can be achieved with some imaginative thinking.
“The SNP Government is squeezing out the maximum value for every pound of taxpayer money. With the public purse under severe strain,
“We are committed to building 6,000 affordable homes in Scotland every single year, providing good quality housing to people across the country.
“This is an excellent step forward for housing in Lanarkshire and I am sure that other parts of the country will be looking closely at how this funding model performs.”