20 November 2009
Grampian builds first affordable HA development in Scotland without Government funding

The first affordable housing association development of its kind built in Scotland without Government funding has been officially opened by Alex Neil MSP, Minister for Housing and Communities. Brimmond View in Stoneywood (Aberdeen) was developed by Grampian Housing Association in partnership with Barratt. The £5 million project was financed through the Association's new, innovative funding model to provide 35 two bedroom flats for shared ownership (part-rent and part-buy) and 7 two bedroom flats for mid-market rent. With funding of £23,500 from Aberdeen City Council two of the rented properties have been adapted for people with disabilities.

Housing and Communities Minister Alex Neil said:-

"This government is committed to increasing the number of affordable homes across Scotland and this year over £34m will directly support the affordable housing sector in Grampian. We're also keen to see local housing associations and councils develop innovative and sustainable funding models that support the creation of housing developments in local areas across Scotland. I am delighted with the progress made by Grampian Housing Association. This development is great news for the local economy and for local families who wish to stay and work in the area."

Celebrating completion of the development Alan Moat, chief executive of Grampian Housing Association said:-

"We consider this pioneering project to be a model for the future and one way of delivering the Government's target of 21,500 affordable homes across Scotland by 2011 whilst also rising to the challenge presented by the Scottish Government to build more affordable housing with less grant. In Aberdeen, one of the most expensive and pressurised housing markets in Scotland, our part-rent, part-buy shared ownership option will enable people to get on the property ladder and buy their home at a price they can afford. Our plans for intermediate rent will also play a key role in addressing the shortage of affordable homes in the area."

The shared ownership option would allow purchasers to buy a share of 25% or 50% or 75% of their new home and pay an occupancy charge to the Association for the remaining share. With prices ranging from £150,000 to £165,000, a 25% share could be bought for a minimum of £37,500. The monthly cost of around £480 (including mortgage and occupancy payments) should work out less than buying the property outright. Rents for the mid-market rent properties are £455 to £475 per month.

Minister for Housing and Communities Alex Neil
presents "ceremonial" key to new sharing owner
Brenda Massie with Alan Moat, Chief Executive (left) and
Steve Delaney, Chair (right) of Grampian HA

Minister for Housing and Communities
chats to new sharing owner during the
tour of the development

 

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