WORK has started on the building of 50 affordable homes in Dunbar, East Lothian, in the first project of its type to be undertaken without any government subsidy.
A unique funding model developed by East Lothian Council and partners will see the Co-operative Pension Fund acquire and hold the homes as a long-term investment leasing them to the council.
They will be given back to the local authority at the end of the lease period.
Fifty homes will be for rent at mid-market rates without subsidy, built using private sector investment, while 10 will be for social rent, funded using the council’s capital budget with Scottish Government grant support.
A tree was planted on the site at Fair Acres yesterday by pupils from Dunbar Primary School and the council’s housing and community wellbeing spokesperson, Jim Goodfellow, along with representatives from Robertson Group and Ross Development and Renewables (RDR) and the Co-op Pension Fund.
Derek Mackay, the Finance and Economy Secretary, praised the funding model, and added: “This development demonstrates what can happen when the public sector and private sector work closely together.”
Goodfellow said the initiative meant the council could offer more social and mi-market rental properties in a key location with minimal outlay.
He said: “The fact that these homes will eventually revert to council ownership too means it’s a sustainable option for the long-term as well as providing security of tenancies for our residents.
“It’s a shining example of how working with partners can help shape our communities and give more access to affordable housing options.”
The voice of the homebuilding industry in Scotland, meanwhile, has launched a five-year plan aimed at improving quality and customer satisfaction.
Homes for Scotland (HFS), unveiled its new strategy to an audience of senior industry figures at its annual conference in Edinburgh.
It also announced an extension of the “Five Star Builder” initiative to Scotland.
This allows new home buyers to compare builders in terms of customer satisfaction, and was previously open only to those working across the UK.
HFS chief executive, Nicola Barclay, said: “Launching our new strategy publicly demonstrates our approach to collaboration.
“We want everyone with an interest in increasing housing supply to unify around the primary purpose of delivering more homes for Scotland so that we can meet the needs and aspirations of our growing population.”
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