Hundreds more subsidised houses are a step closer to reality for home-seekers in the Highlanders thanks to a unique private finance deal.
The housing association and affordable homes developer the Albyn Housing Society is poised to deliver on a pledge to build an additional 750 homes in the region by 2020 having secured a further £30million in funding.
The money will help Albyn access up to £37million in additional grant funding from the Scottish Government.
The combined sum will pave the way for building 500 homes in communities including Inverness, Nairn, Aviemore, Drumnadrochit, Poolewe and Conon Bridge.
The society said it would make a significant contribution to plugging a shortfall of homes across the Highland housing register area.
The ambitious plan will also provide a welcome boost to the local construction industry, having already resulted in the procurement of almost £20million in contracts in the past financial year.
Albyn chief executive Calum Macaulay said: “Our mission is to build sustainable communities and this means that we must urgently plug the gap that continues to grow. At present, over 7,000 households are listed on the register.
“If the Highland region is to continue to thrive and retain its place amongst the best places to live in the world we need more homes for the people who wish to live, work, learn, raise families and contribute to the future of the area.”
Society chairman Douglas Russell added: “After more than a few years of very limited development we are once again in a position to build a significant number of desperately needed new affordable homes.
“This new funding will not only provide working capital to support new development, it will allow us to leverage new grant funding and make our vision for the Highlands a reality.”
The money was arranged by NatWest Markets, the investment banking arm of The Royal Bank of Scotland Group.
As part of the society’s development plan, it has completed the development of 74 new homes in Inverness and Ross-shire during the year ended 31 March 2017 and is on track to complete 113 homes by the end of 2017.
A further 175 new homes have been approved for completion during 2018.
That includes a mix of homes for social rent, mid-market rent and shared equity purchase.
