Housing association secures £96m fund to meet demand for sustainable homes

Tenants settling in to their new home

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GRAMPIAN Housing Association has secured a £96,000,000 loan facility from the Royal Bank of Scotland to help address the continued demand for good quality, sustainable homes in the North East.

The funding will allow the Aberdeen-based housing association to continue to sustainably invest in its current properties to help meet its decarbonisation strategy, while also financing the development of 1,000 new green homes across Aberdeen, Aberdeenshire and Moray, beyond the ambition in the current five- year business plan.

Along with providing quality affordable properties for social rent and related services to over 4,000 households, Grampian Housing Association also boasts a sizeable shared ownership offering, which has helped over 500 families and individuals to become homeowners.

Formed in 1975, the organisation has over 120 employees and works in partnership with various charities and local authorities across the North East of Scotland to support its tenants and the wider communities it serves.

Royal Bank of Scotland’s funding package is made up of £25m of new funding along with a £71m refinancing restructure, providing Grampian Housing Association with the necessary flexibility to continue supporting its communities and tenants. The new facility includes an option for discounting based around ESG criteria and Grampian’s new ESG Strategy

The announcement confirms the Bank’s commitment to the development of affordable homes, having previously committed £3bn to support the advancement of the UK’s housing sector.

Malcolm McNeil, Depute CEO of Grampian Housing Association, said: “The lack of affordable housing to meet demand  across the North East combined with the current cost of living crisis is placing significant pressures on households.

“This funding will allow us to invest in meeting that need as well as support investment in existing stock, ensuring they all meet the energy efficiency requirements laid out by the Scottish Government.

“Our mission is to create and develop sustainable communities and it’s only through funding such as this that we’re able to make that a reality.”

David Horne, Relationship Manager at Royal Bank of Scotland, said: “It has been great to work with our long-standing customer Grampian Housing Association to help put in place a funding structure that will help deliver much needed affordable housing and continue to provide sustainable communities in the North East of Scotland.

“The housing sector has the opportunity to provide a key contribution towards meeting Scotland’s net zero targets and we’re delighted to support Grampian Housing Association in its ambitions to deliver affordable green homes.

“This investment further underlines Royal Bank of Scotland’s commitment to tackle the UK’s housing sector while also improving sustainability within the industry.”


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