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Kingdom Housing Association receives £4.9 million donation

Kingdom Housing Association has received a donation of almost £4.9 million from the Scottish Government through the Scottish Charitable Bond programme managed by Allia C&C for the development of 60 homes for social rent at Primrose Street, Alloa.

As part of the town centre regeneration plans, this development will have a positive impact on the surrounding area and will be committed to providing a housing solution to maximise the time the local aging community can remain within their own homes.

Advice from Architect Design Scotland and care and dementia experts has been considered in the design to incorporate future proof elements such as dementia friendly features and mobility scooter charging points.

The new homes will provide residents with energy efficient homes which will meet Housing for Varying Needs standards, achieve Secured by Design Gold standard and the Association’s own design standards. In addition, Community Benefits will be delivered in line with the CBA targets including job and apprenticeship creation, work placements and school curriculum support.

Bill Banks, Kingdom Group Chief Executive, said: “We welcome the donation from Allia C&C for the site at Primrose Street, Alloa. The current situation unfortunately means the start date for the contract is uncertain. When we are in a position to take the development forward the 60 new homes will bring a fresh lease of life to a site which has sat mostly unused for a number of years. The properties include 2, 3 and 4 person apartments suitable for older tenants or tenants with particular housing needs and I’m sure the future residents will enjoy living in their safe and secure new homes.”

Allia C&C has been supporting the vital development of affordable homes across Scotland with its Scottish Charitable Bond programme.  The bonds provide simple, affordable loans to housing associations solely for building affordable housing, using Scottish Government investment. The interest on the loans enables the Scottish Government to also provide grants for further social housing benefit.  The loans are available for 5 to 15 years on an unsecured basis with light covenants in place, and no loan or interest repayments are made until the end of the term.

Daniel Carrico, Head of Origination at Allia C&C, said: “We’re absolutely delighted that Kingdom Housing Association have received this donation from the loan interest generated by our Scottish charitable bond programme.  With the creation of 60 new affordable homes, it shows the added benefit our programme delivers to the Scottish housing sector, along with the wider social impact on communities.”