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New facility to build homes

Clyde Valley secures £30m housing deal with banks

CVHAClyde Valley Housing Association has secured a £30 million revolving credit facility to help build more than 500 homes in central Scotland over five years.

The association, which owns and manages more than 3,000 housing units in Lanarkshire and East Dunbartonshire, has agreed the facility with Bank of Scotland and Barclays.

Each bank will provide £15m to finance 511 properties being built in North and South Lanarkshire, and East Dunbartonshire.

Campbell Boyd, chairman at CVHA, said: “Our ongoing aim is to provide much-needed, affordable homes to our local community.”

Ray Tierney, relationship director in Bank of Scotland’s social housing team, added: “With a history of sustained new housing development and an experienced management team, CVHA has cemented its reputation as one of Scotland’s leading social housing providers.”

David Cassidy,  head of social housing at Barclays, said the facility was “an obvious fit with our ongoing commitment to the social housing sector.”

Established in 1996, CVHA was formed from the large scale voluntary transfer (LSVT) of more than 1,000 properties from Scottish Homes in North Lanarkshire.

As a registered provider it has subsequently trebled its unit size, primarily through the development of new housing stock as well as estate-based transfers from local councils, and smaller LSVTs. It is Lanarkshire’s leading housing association and one of the largest in the west of Scotland.

Photo (click to enlarge): Ground cutting on site  (left to right): David Bolton, Associate Director, Public Sector, Barclays, Allan Murray, Clyde Valley Housing Association’s Vice Chairperson Allan Murray and Finance Director, Shirley MacDonald, and Alasdair Gardner, Regional Managing Director, Commercial Banking, Bank of Scotland

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