Funding deal agreed for new social housing

MORE t han 1,000 new social housing properties look set to be built in Fife by 2020 under a new funding deal agreed by Kingdom Housing Association.

The Glenrothes-based group delved into international money markets to secure a multi million pound package to support its development plans.

It is understood t he £85 million pot will be doubled to £170m with the addition of local authority and national government contributions.

It means an additional 1,100 homes could be constructed throughout Fife.

K i n g d o m ’s d e a l is believed to be the largest fundraising effort of its kind by a Scottish social landlord to underpin a major construction programme.

Nick Pollard, KHA’s director of corporate support services, said: “This is a significant milestone in the history of kingdom.

“The investor appetite we have seen for the proposals Kingdom took to market is a massive vote of confidence in Kingdom’s financial strength, its future financial and growth plans, the governance and management of the organisation and its staff.

“The most impor tant point, however, is the confidence institutional investors have in the plans for delivery of new affordable homes across Fife.”

M r Po l l a rd s a i d h e expected KHA to return to the money markets in future.

KHA chief executive Bill Banks said the association now had the financial leeway to achieve its mid-term goals. “The funding we have obtained through this deal is at rates which enable Kingdom to meet its strategic objectives of delivering new affordable homes,” Mr Banks said.

Kingdom employs about 380 staff and has offices in Glenrothes, Cowdenbeath and Dunfermline.