HEBRIDEAN Housing Partnership (HHP) has landed a new £25 million funding package from Royal Bank of Scotland to support its operations in some of Scotland’s most remote communities.
The cash will be used to deliver a new development and investment programme which has been projected to total around £53 million and deliver in excess of 300 new homes across the Outer Hebrides.
As of 31 March 2021, there were 170 houses under construction across ten sites, with a further 34 houses either due to start or at the tendering stage.
The social landlord has also earmarked part of the funding to upgrade its existing portfolio of homes for more than 2,200 tenants and their households. This will include the replacement and repair of roofs, bathrooms, kitchens, windows and heating systems, as well as addressing levels of fuel poverty. Already, HHP has replaced almost all solid fuel heating systems with air source heating and is making progress on replacing storage systems.
Iain Macmillan, chair of HHP, said, “Royal Bank of Scotland’s £25 million loan facility represents a major milestone for us and supports the continued growth of the organisation which has accelerated at pace since its formation in 2006. The funding puts us in a strong position to deliver new homes and continue to invest in our housing stock, as well as upgrade existing properties to deliver energy efficient, affordable homes for our tenants.
“Excellent service and communication from the team at Royal Bank of Scotland helped make the process very streamlined and we’d like to thank them for the support they’ve provided throughout the transaction.”
Alan Newlands, relationship director at Royal Bank of Scotland, added, “Last year we announced that we will be investing £3 billion in social housing across the UK over the next three years, supporting the construction of 20,000 homes. With Hebridean Housing Partnership progressing with the delivery of much-needed homes across the Outer Hebrides, it was rewarding to offer our long-term and valued customer a restructured and flexible financial package to help support the delivery of new homes.
“We’re looking forward to continuing our relationship with Hebridean Housing Partnership as they deliver positive change by tackling housing shortages and fuel poverty issues through further investment and development in energy efficient homes.”