Project to get funding boost of £120k

A community-led initiative to build new affordable homes for rent in Braemar will soon receive a major funding boost.

Charities Aid Foundation (CAF) Venturesome, one of the first social investment funds in the UK, supports charities, social enterprises and community groups across the country with funding, loans and finance.

It will be providing a £120,000 loan to help finance pre-development work on the project, which will create 15 affordable homes as well as one self-build plot in the Deeside village.

The cash will be used by those behind the

“This loan agreement offers flexible terms”

proposed development to work with architects to develop designs, submit planning applications and secure tenders from contractors to build the properties.

It is hoped planning applications could be submitted by the end of the year, and construction could start next summer.

Sam Foster, development officer for Rural Housing Scotland, is working together with Braemar Community Limited on the initiative.

He said: “Predevelopment work is one of those crucial areas which projects often find it difficult to find funding for, but this loan agreement offers flexible terms which take into account the unique nature of community-led housing projects and helps us mitigate risk.

“We are delighted that CAF Venturesome have agreed to assist us.

“The money will be used to complete the necessary work to allow this development to move to the next stage.”