CVHA secures £30m to build new homes

CVHA secures £30m to build new homes

Clyde Valley Housing Association (CVHA) has secured a £30m funding facility to help build 500 new homes over the next five years.

The association, which owns and manages over 3,000 housing units, has agreed a £30m revolving credit facility with a syndicate of lenders including Bank of Scotland and Barclays.

Each bank will provide £15m, with the funding, supporting the development of 511 new properties being built in North and South Lanarkshire and East Dunbartonshire by 2020.

The funding will help the association to continue providing housing for those most in need, adding to the 121 homes being handed over in 201516.

Campbell Boyd, chairman at CVHA, said: “The board of the association are committed to meeting the significant demand for housing need and this collaboration enables us to grow our housing stock with high-quality, energy-efficient properties.

“Ultimately tenants benefit from having sustainable homes, providing comfortable living and a secure safe environment to live in.

“The funding and expertise provided by Bank of Scotland and Barclays will be instrumental in helping us to achieve our objectives against a background of significant changes taking place within the social housing sector.”

Established in 1996, CVHA was formed from the large scale voluntary transfer (LSVT) of over 1,000 properties from Scottish Homes in North Lanarkshire.