The funding from the European Investment Bank (EIB) was provided by The Housing Finance Corporation (THFC).
Sandy Murray, Chief Executive of Tenants First, explains that the loan will enable the co-operative to push forward the affordable housing on the Donside Urban Village site in Aberdeen: “Work has already started on the foundations of the first houses at Donside Urban Village. Securing this loan through THFC will enable Tenants First to press ahead with what will be the largest-ever social housing development in the North East of Scotland.
“As well as providing much-needed affordable homes in the Aberdeen, Donside Urban Village will also be a flagship development for the city. With its outstanding riverside location and a strong focus on sustainability, we also see Donside Urban Village becoming the catalyst for further regeneration in the Tillydrone area.”
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Commenting for THFC Nigel Perryman, Relationship Manager of THFC, said: “We are delighted to have been able to sign this loan for the Donside Urban Village. In our opinion, this is a most impressive development.
“The EIB fund from which we secured this loan is earmarked for urban regeneration. Since the Donside Urban Village is being developed on a brownfield site at the heart of an area of Aberdeen that is targeted for regeneration, this development fits the bill perfectly.”
The £55 million Donside Urban Village is being developed by Tenants First Housing Co-operative in partnership with Langstane Housing Association and Chap Construction. Of the 286 homes planned for the Donside Urban Village, 144 will be homes for rent, 65 will be sold on a shared-equity basis. The remaining 77 homes will be built for outright sale by Chap Homes.
With a mix of housing from flats through to town houses, the Donside Urban Village is planned as a sustainable community, with business start-up units, office space, shops and a children’s nursery.
The construction materials for the village have been selected for their low energy usage and the homes will also feature particularly high levels of insulation.
Making the most of its riverbank setting, Donside Urban Village has been designed to reflect a traditional North-east townscape. A grid of streets spreads out from the main village square, connecting with the various neighbourhoods in the village.
Tenants First Housing Co-operative is Britain’s largest housing co-operative. It has more than 1,348 properties in Aberdeen, Aberdeenshire, Angus and Glasgow. Tenants First is a non-profit making organisation owned and run by its members for the benefit of members.
THFC is an independent, specialist, not-for-profit finance company that makes loans to over 140 regulated Housing Associations, which are organisations that provide affordable housing to tenants throughout the United Kingdom.
(GK)
