HHA, the Inverness-based not-for-profit property development company, has agreed a new funding arrangement with Scottish Widows and the Scottish Government, described as securing the tenancies of more than 160 mid-market rental (MMR) properties across the Highlands for the next 25 years.
In total HHA has secured 25-year loan funding worth £23.25 million – £11.6 million from Scottish Widows, and £10.3 million from the Scottish Government, with the remainder coming from HHA.
The new funding refinances homes built and delivered under the National Housing Trust initiative, set up to help stimulate the construction sector and address a housing issue created by the lack of available mortgages in the wake of the 2008 financial crisis.
Gail Matheson, HHA chief executive, said, “We are delighted to have agreed funding with both Scottish Widows and the Scottish Government to secure the long term provision of MMR homes for our tenants. This will give our tenants comfort that long term rental is now available, at a time when obtaining a mortgage can be challenging. People’s circumstances have changed over the last 18 months, and this new financial arrangement addresses this and brings long term certainty to our tenants.
“We would like to thank Scottish Widows and the Scottish Government for their support in delivering this deal and we look forward to our continued partnership as HHA continues to deliver more housing across the region in the coming years. There remains a strong demand right across the Highlands for a variety of homes, which HHA can offer. The resilience and potential of our economy makes the Highlands an attractive place to live and work, and our housing provision must work hard to meet that demand.”
