Partick Housing Association provides much needed accommodation in the west of Glasgow and the £18.05m, 30 year loan facility will enable the company to further expand its existing stock of 1700 units.
The news of the funding package has been welcomed, as housing associations in Scotland are currently under unprecedented pressure to meet the need for affordable homes in the face of a cut of 48% in subsidy levels for 2011/12.
Partick Housing Association Chair, Alastair Firth, said: "We are delighted to have secured a £18.05m loan with Barclays. The new funding facility will be used for investment in a range of new developments that are planned by Partick Housing Association, as well as for improvements to our existing homes. We look forward to continue working in partnership with Barclays Corporate to benefit our communities.
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"This investment will provide an additional 117 much needed affordable homes in the west end of Glasgow as well as enabling us to acquire another prime west end development site for our next development. The facility will also ensure the Association brings all of our remaining social housing stock up to the Scottish Housing Quality Standard by 2015."
Relationship director at Barclays Corporate, Pat McGinness, added: "We have worked with Partick Housing Association since 2006 and have facilitated this finance to support the organisation's development and growth as part of our ongoing relationship, increasing our already significant involvement in social housing in Scotland.
"The private sector has a key role to play in the delivery of affordable housing stock, particularly in working alongside housing associations and co-operatives to deliver flexible funding packages to meet the deficit of public investment."
(JG/CD)
