More than £47 million is being invested to build up to 1,000 new homes across Scotland.

PfP Capital, part of Places for People, has secured a £47.5m long-term loan from the Scottish Government to establish an affordable housing investment fund fund for building mid-market rent homes across the country.

The investment was announced by Housing Minister Kevin Stewart during a visit to a housing development in Edinburgh.

He said: "This investment will support people on low and modest incomes to access high quality rented accommodation at affordable rates and is one of the many ways in which we are delivering on our target of 50,000 affordable homes by 2021, backed by over £3 billion.    

-- Advertisement --

"Affordable housing is about more than just bricks and mortar. We want everyone to have a safe, warm home and schemes like this will help to create a fairer Scotland, while delivering great economic benefits."

Chris Jones, Managing Director of Places for People's asset management business, PfP Capital, said: "This investment will allow us to operate a strategy delivering a significant number of affordable homes to people across Scotland and we are delighted to work with the Scottish Government on this exciting initiative.

"This fund will also provide a great opportunity for institutional investors to provide funding for the next generation of Scotland's affordable homes which Places for People will look to deliver in the coming years."

(LM/MH)