Clyde Valley Housing Association (CVHA) has secured a £30 million funding facility to build more than 500 new homes in central Scotland over the next five years.
The association, which owns and manages more than 3,000 homes in Lanarkshire and East Dunbartonshire, agreed the revolving credit facility with lenders Bank of Scotland and Barclays.
Each bank will provide £15m to support the development of 511 new properties in North and South Lanarkshire and East Dunbartonshire by 2020.
CVHA chairman Campbell Boyd said: “Our ongoing aim is to provide much-needed, affordable homes to our local community.
“The funding and expertise provided by Bank of Scotland and Barclays will be instrumental in helping us to achieve our objectives against a background of significant changes taking place within the social housing sector.”
Ray Tierney, relationship director at Bank of Scotland’s social housing team, said: “As one of our long-standing clients, we are pleased to be able to provide continued support both to CVHA and to the wider sector, particularly as housing associations in Scotland and across the UK react to significant challenges.”
CVHA was set up in 1996 following the transfer of more than 1,000 properties from Scottish Homes in North Lanarkshire and is now one of the largest housing associations in the west of Scotland.
David Cassidy, head of social housing at Barclays, said: “We continue to work with our valued clients as they develop homes that provide much-needed shelter, and support, to those in our communities.”