Kingdom Housing Association is to develop 98 new homes across Fife.

The organisation has secured a £5 million bond issued as a loan by social investment charity Allia, which will enable the new housing to be developed at Inverkeithing, Torryburn, Bonnybank and Crosshill.

The bond was issued as part of the Scottish Government's More Homes Scotland strategy.

Last year, Kingdom secured a similar Allia bond for the development of 116 new homes. These included two homes in Kincardine as well as a further 22 homes in Dunfermline, 49 homes in Cupar and 18 in Lower Largo.

-- Advertisement --

Announcing the news during a recent visit to Kincardine, Housing Minister Kevin Stewart said: "I'm sure this will be very welcome news for people in Fife. It means that we have now invested a total of £70m in nine charitable bonds. We have committed to deliver 50,000 new affordable homes in Scotland during the term of this parliament and this is yet another important step towards this target."

Nick Pollard, Kingdom's director of corporate support services, said: "Kingdom Housing Association is very pleased to again be working with Allia Impact Finance in terms of raising private finance for much needed new development of affordable housing in Fife.

"The new loan of £5m provided by Allia will enable Kingdom to acquire, through off the shelf acquisition and new developments, a total of 98 new homes. We are also very grateful to Scottish Government for providing grant funding which is being used on these developments."

Phil Caroe, director of social finance at Allia, said: "Allia is proud to have worked in partnership with the Scottish Government to support the creation of over 900 affordable new homes across Scotland."

(LM)