Housing association agrees £15m funding arrangement for new development programme
Cunninghame Housing Association has agreed a £15 million funding programme with Royal Bank of Scotland to create a new social housing programme for Ayrshire and the Borders.
The long-term facility, which builds upon an existing relationship with the bank, will fund 236 new homes across the West of Scotland.
The socially rented housing will see properties constructed in North and East Ayrshire as well as Dumfries and Galloway by the Ardrossan-based landlord and developer.
Frank Sweeney, group chief executive of Cunninghame Housing Association, said: “The funding will ensure that the Association continues to deliver much needed affordable social rented housing in North/East Ayrshire and Dumfries and Galloway. My thanks to all the respective teams who worked very hard to ensure completion.”
The arrangement with Cunninghame Housing Association is one of RBS’s most significant deals within the Scottish housing association sector for 2020.
Alan Newlands, director of housing finance, commercial and private banking at RBS, added: “Supporting the delivery and maintenance of housing in Scotland is vital to both the economy and importantly, families and individuals in communities across the country.
“As a longstanding customer of Royal Bank of Scotland, the bank is delighted to have been able to provide Cunninghame Housing Association with an additional £15m of funding to deliver energy-efficient, modern homes for the social rent sector and we look forward to working with the association in the years ahead as they deliver this much-needed development programme.”
Mr Newlands added: “As a bank, we are acutely conscious of the impact that the COVID-19 crisis is having on the people and the businesses in the country and we view housing as a critical sector for us to support.”