Sector - Finance & Legislation
HHA Secures Long Term Funding
10 Jun 21
Inverness-based not-for-profit property development company HHA has agreed a multimillion-pound funding arrangement with Scottish Widows and the Scottish Government.
The funding will secure the tenancies of more than 160 mid-market rental (MMR) properties throughout the Scottish Highlands for the next 25 years.
HHA has secured 25-years loan funding worth £23.25 million. The new funding refinances homes built and delivered under the National Housing Trust initiative, which was set up to stimulate the construction sector and address the housing issue that has been created by the lack of available mortgages in the wake of the 2008 financial crisis.
Gail Matheson, HHA Chief Executive, said: “We are delighted to have agreed funding with both Scottish Widows and the Scottish Government to secure the long term provision of MMR homes for our tenants. This will give our tenants comfort that long term rental is now available, at a time when obtaining a mortgage can be challenging. People’s circumstances have changed over the last 18 months, and this new financial arrangement addresses this and brings long term certainty to our tenants.
“We would like to thank Scottish Widows and the Scottish Government for their support in delivering this deal and we look forward to our continued partnership as HHA continues to deliver more housing across the region in the coming years. There remains a strong demand right across the Highlands for a variety of homes, which HHA can offer. The resilience and potential of our economy makes the Highlands an attractive place to live and work, and our housing provision must work hard to meet that demand.”
Scottish Government Housing Secretary Shona Robison said: “I am delighted that our £10.3 million will secure the future of more than 160 homes, keeping them at mid-market rent levels for the next 25 years. This will support the provision of more affordable housing in the Highlands, benefitting the people who live and work there as well as the local economy. This is a great example of the private sector and not-for-profit sector working with the Scottish Government to increase affordable housing. I’d like to thank HHA for continuing to be a valued delivery partner.”
The funding will further strengthen HHA’s position as it embarks on an ambitious development programme to deliver nearly 200 new homes for mid-market rent over the next two years.
Despite the ongoing challenges of the pandemic, HHA has continued to deliver homes across different locations, including Wyvern House on Academy Street in Inverness, as well as at sites in Carrbridge and Drumnadrochit.
The new funding secures their rental agreements until 2046.
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