Kingdom Group Secures £50 Million for Housing Development Project
Affordable housing provider Kingdom Group has recently announced that it has secured £50 million in bank funding to develop approximately 500 new homes in Scotland. This significant financial support serves as a crucial step in addressing the housing emergency that the country is currently facing. Kingdom Group, which includes Kingdom Housing Association, has emphasized its dedication to constructing high-quality affordable homes across various regions in Scotland, including Fife, Perth and Kinross, Clackmannanshire, and Falkirk.
The funding for this ambitious housing development project has been provided by two major banking institutions, Royal Bank of Scotland (part of NatWest) and Bank of Scotland (owned by Lloyds), in conjunction with government grants. This collaboration aims to facilitate the construction of around 500 new homes, contributing to the ongoing efforts to provide affordable housing options for individuals and families in need.
Commitment to Sustainability and Customer Well-being
In addition to the construction of new homes, Kingdom Group has also emphasized its commitment to enhancing the sustainability and energy efficiency of its existing housing stock. By renegotiating existing lending arrangements with the banks, Kingdom Group has gained greater financial flexibility to invest in its properties. This investment will support the organization’s net-zero and sustainability agenda, ultimately benefiting customers in older homes by reducing energy bills and providing warmer, more secure living environments.
Leigh Grubb, Director of Corporate Services at Kingdom Group, highlighted the importance of maintaining strong relationships with funders and lenders to support the affordable housing sector in Scotland. Grubb noted that the private funding market continues to be supportive of Kingdom Group’s mission to provide high-quality affordable housing, even amidst challenges such as government funding restrictions. The funding secured from Royal Bank of Scotland and Bank of Scotland will enable Kingdom Group to prioritize the development of new homes while focusing on meeting the needs of its customers across the central belt of Scotland.
Collaboration for Sustainable Growth and Community Resilience
Bruce Davidson, Relationship Director at Royal Bank of Scotland, emphasized the bank’s commitment to addressing the housing supply shortage in Scotland and supporting Kingdom Group in its efforts to deliver affordable housing solutions. Davidson expressed the bank’s delight in collaborating with Kingdom Group and Bank of Scotland to help the organization fulfill its commitment to providing affordable homes across central Scotland. This partnership aims to create homes that are fit for the future while ensuring the financial resilience of communities in the region.
Melanie Russell, Relationship Director for Social Housing at Bank of Scotland, echoed Davidson’s sentiments, stating that Bank of Scotland is proud to support Kingdom Group in its mission to deliver high-quality, affordable homes across Scotland. Russell emphasized the importance of sustainable growth for Kingdom Group’s business and the positive impact it can have on creating financially resilient communities. By working together to create modern and accessible housing options, Bank of Scotland and Kingdom Group aim to make a tangible difference in addressing the housing crisis in Scotland.
In conclusion, the funding secured by Kingdom Group for its housing development project marks a significant milestone in the organization’s ongoing efforts to provide affordable and sustainable housing solutions in Scotland. By partnering with leading banking institutions and government grants, Kingdom Group is poised to make a lasting impact on the housing landscape in the country, creating homes that not only meet the needs of residents but also contribute to the overall well-being and resilience of communities across Scotland.