Grampian Housing Association has secured a £96m loan facility from the Royal Bank of Scotland to help address continued demand for sustainable homes in the north east.
The funding will allow the Aberdeen-based housing association to continue to invest in its current properties to help meet its decarbonisation strategy, while also financing the development of 1,000 new green homes across Aberdeen, Aberdeenshire and Moray - beyond the ambition in it current five-year business plan.
Along with providing affordable properties for social rent and related services to over 4,000 households, Grampian Housing Association also has a sizeable shared ownership offering, which has helped more than 500 families and individuals to become homeowners.
Formed in 1975, the organisation has around 120 employees and works in partnership with various charities and local authorities across the region.
The new package is made up of £25m of new funding, along with a £71m financing restructure.
Malcolm McNeil, depute chief executive of Grampian Housing Association, said: “The lack of affordable housing to meet demand across the north east, combined with the current cost of living crisis, is placing significant pressures on households.
“This funding will allow us to invest in meeting that need as well as support investment in existing stock, ensuring they all meet the energy efficiency requirements laid out by the Scottish Government.”
David Horne, relationship manager at RBS, said: “It has been great to work with a long-standing customer to help put in place a funding structure that will help deliver much needed affordable housing and continue to provide sustainable communities in the north east.
“The housing sector has the opportunity to provide a key contribution towards meeting Scotland’s net zero targets and we’re delighted to support Grampian Housing Association in its ambitions to deliver affordable green homes.”
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
