Ayrshire Housing accepts £ 18million Allia C&C loan for new developments
Housing Ayrshire received a £ 8million loan through a charity bond run by Allia C&C build 118 more affordable rental units over the next two years.
The loan is the third and most important that the association has received under the Allia C&C program with the Scottish government.
Work is expected to begin shortly on 52 energy efficient homes in Troon, followed later this year by a start on more than thirty apartments next to the Gaiety Theater in the heart of Ayr. The association is also finalizing the planning of 12 houses in the conservation village of Kirkmichael and 20 in the historic market town of Maybole.
The Charitable Bond program provides simple, unsecured loans to housing associations for up to 15 years, while interest paid over the life of the loan funds a subsidy program for social housing grants.
Jim Whiston, Director of Ayrshire Housing, said: “We are delighted to be working for the third time with Allia C&C to provide much needed affordable rental housing. Their latest installation will allow us to build another 118 houses over this year and into the coming year, which will help meet the Scottish Government‘s affordable housing goal and support the South Ayrshire Council housing strategy.
Daniel Carrico, origination manager at Allia C&Cadded: “We are delighted to continue our relationship with Ayrshire Housing with this third round of funding through our charitable bond program. The simple, unsecured funding that this program has provided over the past six years has made a significant contribution to the creation of new affordable housing across Scotland.
Since 2014, Allia C&C has worked with the Scottish Government to distribute over £ 200million in funds in the form of loans and grants to support the development of new affordable housing.