600 affordable homes to be built in North and South Lanarkshire

A £60 million scheme which will see hundreds of affordable homes built was unveiled by infrastructure secretary Alex Neil today.

About 600 new homes are to be created in North and South Lanarkshire under a new funding scheme developed by Clyde Valley Housing Association and property company Savills.

Almost half will affordable homes for rent with over 150 job or training opportunities are expected to be created.

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“Lanarkshire has a desperate shortage of affordable housing, and projects like this help people to get on to the housing ladder,” Mr Neil said today.

The four-year development is backed by £11 million from the Scottish Government with the remainder of the funding sourced through a mix of private equity and loan finance.

Mr Neil said: “With the public purse under huge financial strain we need radical and innovative approaches to increase housing supply at maximum value for taxpayers’ money.

“It brings together public and private finance in a novel way to secure over 280 affordable homes across North and South Lanarkshire over the next 4 years.”

He added: “This is an example of what can be achieved when the private and public sectors work together and I am pleased that Clyde Valley and Savills have had the confidence to try a different approach.”