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13/10/2015

Affordable homes vehicle unveiled for Scotland

Words: Huw Morris
Edinburgh / iStock_000013471580

The Scottish Government has launched an investment vehicle that will provide up to 1,000 affordable homes for rent across the country.

The Local Affordable Rented Housing Trust (LAR) is a charity set up to provide long-term, mid-market rented housing across Scotland.

It is funded by a £55 million loan from the Scottish Government, with matching private investment expected to lift the overall funding package to more than £100 million.

House builders and developers, in partnership with LAR and local authorities, are being invited to get involved in delivering a pipeline of affordable housing.

Eligible tenants are allocated homes based on affordability and income criteria, ensuring that tenancies are provided to those in most need.

LAR builds on the Scottish Government’s National Housing Trust initiative. Since 2012, around 4,000 new affordable homes have been approved through a range of financing mechanisms, unlocking up to half a billion pounds of housing investment.

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