RBS Fund Scottish Housing Association with £19m to Support the Development of 100 New Homes
Scottish Housing Association, Eildon Housing Association, announced their £18.7m funding injection from the Royal Bank of Scotland (RBS).
This funding is to help the 3,000 home landlord build up to 100 homes across the Scottish Borders.
Eildon, which was founded in 1973, has an overall aim to build 800 new homes as part of it’s five-year strategy up to 2028.
What will the RBS funding support?
The aim of the RBS funding is to help build between 80 and 100 new homes, including older people’s housing, residential based care services, as well as support for adults with learning disabilities.
Eildon is also planning to invest in energy efficiency within the homes, to align with the sustainability strategy.
During 2023-24, the housing association reported that they installed green heat systems, solar panels and battery storage at 30 properties in Broughton. This project had a total investment of £1m, including £500k funding that was matched from the Scottish government’s social housing net zero heat fund.
Quoted by Inside Housing, Lynn Mirley, director of business support at Eildon Housing Association, said:
“Securing this deal with RBS allows us to help alleviate some of the pressures the current economic climate is placing upon local communities.
“It is important to us to have this sort of backing as it demonstrates the confidence in Eildon Housing Association’s ability to continue to make a real difference in people’s lives.”
NatWest, RBS’ parent company, announced a £5bn social housing lending goal last year – to meet by the end of 2026. By August 2024, NatWest had already lent £2.8bn to the sector across the UK.
In the same article, Martin McCourt, real estate finance relationship director at RBS, said:
“We recognise the importance of supporting organisations that make proactive change within our society.
“We have committed to supporting the housing industry in alleviating the current strain faced by local authorities and residents caused by the housing crisis. We look forward to seeing the fulfilment of Eildon Housing Association’s strategy as they continue to tackle these challenges.”
This funding is part of the bigger mission to tackle the housing crisis in the Scottish borders.
Read more about Eildon here.
