More than 200 homes for social rent are to be built in Scotland thanks to over £15 million being raised through the Charitable Bond Investment Programme.

With almost £90m of bonds issued over the last two years, interest accrued is donated to charity which Ministers have committed to social housing.

Housing Minister Kevin Stewart welcomed the funding on a visit to a development by Hillcrest Housing Association and builder Stewart Milne, at Countesswells in Aberdeen.

As part of the scheme, £4m is being donated to deliver 52 homes for social rent. The project is the second 'affordable' housing development at Countesswells supported by the government. Once finished, it is expected to deliver 3,000 new homes.

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Minister Stewart said: "This innovative scheme firmly demonstrates our commitment to investing in affordable housing for people the length and breadth of Scotland. I am delighted to see what our support is providing for projects like the Hillcrest development.

"We are committed to delivering at least 50,000 affordable homes over this Parliament, backed by £3 billion of investment. These charitable donations and developments like Hillcrest's are a great example of how we are meeting that commitment and giving people a helping hand onto the housing ladder – a core part of our drive to make Scotland fairer and more prosperous."

John Low, managing director of Stewart Milne Homes North, said: "Having delivered over 200 homes through the National Housing Trust initiative, Stewart Milne Homes are proud to work with the Scottish Government and their agencies to deliver affordable homes through new initiatives.

"The launch of this charitable bond sees Stewart Milne Homes at the forefront of delivery of affordable housing in partnership with the Scottish Government and Hillcrest."

(LM)