An initiative to deliver 1,000 new affordable homes in Edinburgh has been launched by housing association Castle Rock Edinvar.
Castle Rock Edinvar will use the income generated from asset sales and the transfer of 300 void properties to create 1,000 new homes over the next five years. The project will also create 1,500 new jobs.
Housing minister Margaret Burgess said: ‘Housing initiatives such as Castle Rock Edinvar’s ‘1000 homes for Edinburgh’, which, in partnership with the City of Edinburgh Council, is making use of the Scottish Government’s Housing Association Grant Recycling Pilot, are crucial in providing mix-tenure affordable homes for Edinburgh residents, while also supporting the construction industry and creating more local jobs.
‘Housing is a major priority for this Government and we are committed to delivering our commitment of 30,000 affordable homes during the lifetime of this Parliament.’
Castle Rock Edinvar managing director, Alister Steele, said: ‘The additional income generated through leasing stock to let at intermediate rent allows us to increase borrowing, and with Places for People’s ability to raise capital funding, and the agreement reached with the Scottish Government and City of Edinburgh Council, we are going to make a significant contribution to the housing supply and economic growth in the city in the next five years.
