Port of Leith Housing Association secures £40m for affordable homes

A housing association has secured funding for 419 affordable homes in Leith and north Edinburgh.

Port of Leith Housing Association said the £40 million investment has come from Edinburgh-based life insurance and pensions company Scottish Widow.

The funding will be drawn in stages at a low 30-year fixed rate of 2.84%.

The housing association said it has ambitious plans to support the continued growth and regeneration of Leith and north Edinburgh.

Developments already underway include 104 affordable homes at Granton Harbour, 84 affordable homes at Ocean Drive and 51 social rent homes at Shrubhill.

An additional 419 homes are in the planning process, these include a further 180 homes at Granton Harbour and 229 other developments in Leith.

Heather Kiteley, director of finance and corporate services at Port of Leith Housing Association said: ‘We are pleased that Scottish Widows responded so positively to our ambition to address the high demand for the creation of a wide range of affordable homes in thriving communities.

‘Having secured historically low fixed rate terms puts us in a strong and secure position to give several hundreds of people the priceless security that comes with having a great, affordable place to call home.’

Gavin Reid, associate director at Scottish Widows, added: ‘We are thrilled to have structured a funding solution that supports Port of Leith Housing Association’s strategy to deliver more affordable homes while providing high-quality cashflows to match our pension liabilities.

‘We look forward to seeing these plans come to fruition in the coming years.

‘We have now invested in excess of £3.6bn in this sector as part of our ongoing commitment to the UK’s social housing sector.’

In other news, Glasgow City Council is awaiting approval for plans of a £500m investment into the building of new affordable homes and also to improve the quality and condition of existing homes.

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