The major funding injection from Royal Bank of Scotland will be used to deliver a “significant” development and investment programme, which is projected to total around £53m and deliver in excess of 300 new homes across the Outer Hebrides.
As of the end of March, there were 170 houses under construction across ten sites, with a further 34 houses either due to commence or at the tendering stage.
The social landlord, which has offices in Stornoway and Balivanich, has also earmarked part of the funding to upgrade its existing portfolio of homes for more than 2,200 tenants and their households.
This will include the replacement and repair of roofs, bathrooms, kitchens, windows and heating systems, as well as help to address levels of fuel poverty across the region.
Iain Macmillan, chair of Hebridean Housing Partnership, said: “Royal Bank of Scotland’s £25m loan facility represents a major milestone for us and supports the continued growth of the organisation which has accelerated at pace since its formation in 2006.
“The funding puts us in a strong position to deliver new homes and continue to invest in our housing stock, as well as upgrade existing properties to deliver energy efficient, affordable homes for our tenants.”
The partnership currently employs 53 people and, given its projected growth, it plans to expand the team by three through the appointment of two graduate trainees and one modern apprentice over the next 12 months.
Alan Newlands, relationship director at Royal Bank of Scotland, added: “Last year we announced that we will be investing £3 billion in social housing across the UK over the next three years, supporting the construction of 20,000 homes.
“With Hebridean Housing Partnership progressing with the delivery of much-needed homes across the Outer Hebrides, it was rewarding to offer our long-term and valued customer a restructured and flexible financial package.
“We’re looking forward to continuing our relationship with Hebridean Housing Partnership as they deliver positive change by tackling housing shortages and fuel poverty issues through further investment and development in energy efficient homes.”