New Gorbals Housing Association has received a loan of £3.5 million arranged by Allia C&C under its charitable bond programme with Scottish Government. The loan will allow New Gorbals Housing Association to develop 55 units for social rent as part of the mixed tenure regeneration of the once run down and neglected Laurieston area of the Gorbals in Glasgow.
Allia C&C’s charitable bond programme provides simple, unsecured loans to housing associations for up to 15 years, while the interest paid over the life of the loan funds a grant programme for social housing subsidies.
Linda Malone, Chairperson of New Gorbals Housing Association, said:
“This Allia loan is very competitively priced and meets our investment and cashflow requirements perfectly. Everything was arranged quickly and with the minimum of fuss, and we are looking forward to using this funding to progress our development programme in these very challenging times.”
Daniel Carrico, head of origination at Allia C&C, said:
“We are delighted to support New Gorbals Housing Association and the regeneration of Laurieston with this loan. Through our partnership with Scottish Government, this unsecured funding will result in the creation of another 55 affordable homes in Glasgow.”
Since 2014 Allia C&C has worked with Scottish Government to distribute over £200 million of funds through loans and grants to support the development of new affordable housing.