Affordable housing

£15m raised for Scottish affordable housing projects

Over £15m of funding for affordable housing projects has been raised through an innovative funding scheme.


The finance was raised via the Charitable Bond Investment Programme and will be used to support the development of more than 200 homes for social rent across Scotland.

Any interest accrued on the bonds will be donated to charity, which Scottish ministers have committed to social housing.

Nearly £90m of bonds have been issued over the last two years, resulting in £15m of funding being made available for allocation.

Scottish housing minister Kevin Stewart welcomed the funding during a visit to a development – by Hillcrest Housing Association and builder Stewart Milne – based at Countesswells in Aberdeen.

As part of the development, a £4m charitable donation will be used to deliver 52 homes for social rent.

Mr Stewart said: “This innovative scheme firmly demonstrates our commitment to investing in affordable housing for people the length and breadth of Scotland.

“I am delighted to see what our support is providing for projects like the Hillcrest development.

“We are committed to delivering at least 50,000 affordable homes over this parliament, backed by £3bn of investment.

“These charitable donations and developments like Hillcrest’s are a great example of how we are meeting that commitment and giving people a helping hand on to the housing ladder – a core part of our drive to make Scotland fairer and more prosperous.”

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