Dundee and Angus to welcome as many as 300 affordable homes

HOUSING: Funding of £13m covers cost of Angus Housing Association’s plans

Around 300 affordable homes could soon be built in Dundee and Angus after a local housing association secured funding of £13 million.

The charitable bond from Allia C&C will cover the cost of Angus Housing Association’s planned builds over the next three years.

New mixed tenure estates will be established in Angus while existing communities will continue to be supported.

In Dundee the cash will be used to strengthen existing communities in the north-east of the city and also allow for more developments in the West End.

The numbers built will be roughly equal between Angus and Dundee.

The bonds provide “simple, affordable loans” to housing associations solely for building affordable housing, using Scottish Government investment.

Hazel Farquhar, chairwoman of Angus Housing Association, said: “Last

“We’re pleased our Scottish charitable bond programme was chosen by Angus Housing Association. DANIEL CARRICO, ALLIA C&C

year the management committee and our consultants started the process to find funding to deliver around 300 new properties by 2023.

“The Allia team have been efficient and flexible and the ease at which the process has been concluded has been ideal for our staff and the committee.”

Angus Housing Association owns more than 2,000 homes and provides factoring services for around 600 owner occupiers in Angus and Dundee.

2020 marks the 50th anniversary of the initial registration of the Auchmithie Housing Association in May 1970.

Housing Minister Kevin Stewart said: “This innovative programme is helping communities grow and thrive, and keeping us on track to achieve our target of 50,000 affordable homes by 2021.”

Daniel Carrico, head of origination at Allia C&C, said: “We’re really pleased our Scottish charitable bond programme was chosen by Angus Housing Association to help them deliver such a large project over the next three years.”

The interest on the loans enables the Scottish Government to also provide grants for further social housing benefit.

The loans are available for five to 15 years on an unsecured basis with light covenants in place, and no loan or interest repayments are made until the end of the term.