A Highland housing association and developer is on track to deliver hundreds of additional homes thanks to a new private finance deal.
Albyn Housing Society, based in Invergordon, said it was poised to deliver on its pledge to build 750 homes for the region by 2020 after netting £30 million in funding.
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Arranged by NatWest Markets, the funding has been secured through BAE Systems Pension Funds Investment Management and will enable the society to leverage up to £37m in additional grant funding from the Scottish Government.
Combined, the cash will support the development of the first 500 homes in communities including Inverness, Drumnadrochit, Poolewe, Aviemore, Nairn and Conon Bridge. It will also provide a welcome boost to the local construction industry.
Calum Macaulay, chief executive at Albyn Housing Society, said: “Our mission is to build sustainable communities, and this means that we must urgently plug the gap that continues to grow – at present more than 7,000 households are listed on the Highland Housing Register.”
Douglas Russell, chair of Albyn Housing Society, added: “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.”