Clyde Valley Housing Association has secured a funding facility of £30m to support the building of more than 500 new homes over the next five years.
The association, which owns and manages more than 3,000 homes in Lanarkshire and East Dunbartonshire, has agreed a revolving credit facility with Bank of Scotland and Barclays.
Each bank will provide £15m to support the development of 511 properties being built in North and South Lanarkshire and East Dunbartonshire by 2020.
The association says the money will help it to continue providing housing for those most in need, adding to the 121 homes being handed over in 2015/16.
Campbell Boyd, CVHA chairman, said: “Our ongoing aim is to provide much-needed, affordable homes to our local community. Our board are committed to meeting the significant demand for housing need and this collaboration enables us to grow our housing stock with high-quality, energy-efficient properties.”
Ray Tierney, of Bank of Scotland’s social housing team, saud: “With a history of sustained new housing development and an experienced management team, CVHA has cemented its reputation as one of Scotland’s leading social housing providers. As one of our long-standing clients, we are pleased to provide continued support.”
David Cassidy, head of social housing at Barclays, added: “Our relationship with CVHA is long-established and for us to provide funding to support the development of more than 500 new homes was an obvious fit with our ongoing commitment to the social housing sector.”