A government-backed initiative aimed at boosting the number of affordable homes across North and South Lanarkshire has been unveiled.

Clyde Valley Housing Association has been working with property company Savills and local councils to develop a new funding model that aims to deliver 600 new homes, almost half as affordable homes for rent.

The four-year development is backed by £11m from the Scottish Government with the remainder of the funding sourced through a mix of private equity and loan finance.

Over 150 job or training opportunities are expected to be created through a mix of modern apprenticeships and work placement opportunities.

-- Advertisement --

Cabinet Secretary for Infrastructure and Capital Investment Alex Neil praised the approach and said it would help deliver affordable homes across Lanarkshire. He said: "With the public purse under huge financial strain we need radical and innovative approaches to increase housing supply at maximum value for taxpayers' money.

This brings together public and private finance in a novel way to secure over 280 affordable homes across North and South Lanarkshire over the next 4 years. This is an example of what can be achieved when the private and public sectors work together and I am pleased that Clyde Valley and Savills have had the confidence to try a different approach."

South Lanarkshire Council Leader, Eddie McAvoy said: "As well as much needed affordable housing, the scale of this development programme will help maintain local construction sector jobs providing a welcome boost to our local economy”.

(NE)