New cash for housing associations
November 13th 2009
Scottish housing associations are to benefit from access to a £50 million European lending facility, the Scottish Government and the European Investment Bank announced today. The fund offers housing associations an alternative private lending source helping to support new affordable home developments and jobs in the house building sector.
Chief Executive of The Housing Finance Corporation, Piers Williamson, said: "We welcome this opportunity to greatly extend our existing Scottish commitment and look forward to working with a broad range of Scottish Housing Associations over the coming months to help them deliver new housing in the communities they serve."
As well as helping housing associations to access new sources of lending, the Scottish Government will invest more than £1.65 billion over three years in affordable homes across Scotland, and is on track to build 8,100 homes this year. A further ¬£50 million is being invested to reverse decades of decline in council house building. So far, 17 councils are benefitting from the largest council house building programme for 30 years with over 1,300 new council homes planned across Scotland.
The EIB funds will be provided to Housing Associations through The Housing Finance Corporation (THFC). THFC is an independent, specialist, not-for-profit finance company that makes loans to over 120 regulated Housing Associations, throughout the United Kingdom.