Housing association secures £96m support to build 1,000 new green homes across north-east

An Aberdeen-based housing association received a £96 million loan to build 1,000 homes across the north-east.

Grampian Housing Association secured the support from the Royal Bank of Scotland (RBS) to build the affordable eco-friendly housing Aberdeen, Aberdeenshire and Moray.

The loan will also allow the housing association to continue sustainably investing in its current properties to help meet its decarbonisation strategy.

As well as providing quality properties for social rent to over 4,000 households, Grampian Housing Association has helped more than 500 families and individuals to become homeowners.

Malcolm McNeil, depute chief executive of Grampian Housing Association, said the cost of living crisis is putting “significant pressures” on households.

He said: “The lack of affordable housing to meet demand across the north-east combined with the current cost of living crisis is placing significant pressures on households.

“This funding will allow us to invest in meeting that need as well as support investment in existing stock, ensuring they all meet the energy efficiency requirements laid out by the Scottish Government.

“Our mission is to create and develop sustainable communities and it’s only through funding such as this that we’re able to make that a reality.”

RBS ‘delighted’ to support green homes

The package from RBS is made up of £25m new funding along with a £71m refinancing structure.

The announcement comes after the bank pledged £3 billion to support the development of affordable homes.

David Horne, relationship manager at RBS, said: “It has been great to work with our long-standing customer Grampian Housing Association to help put in place a funding structure that will help deliver much-needed affordable housing and continue to provide sustainable communities in the north-east of Scotland.

“The housing sector has the opportunity to provide a key contribution towards meeting Scotland’s net zero targets and we’re delighted to support Grampian Housing Association in its ambitions to deliver affordable green homes.”