Over £1.75 billion of funding for affordable housing has been confirmed to local authorities in Scotland. The Scottish Government has recently revealed the details of the investment to local councils, so that they can plan ahead for upcoming years. The investment demonstrates the Scottish Government’s commitment to fulfilling their ambition to build 50,000 affordable homes by 2021.
The release of full details of the allocation for the next three years has been designed to help local authorities plan their investment with building contractors with certainty. With the affordable housing supply chain estimated to support 14,000 jobs in construction and other related industries in Scotland, it will also help stimulate the economy and in addition, help the industry plan ahead.
With £532 million allocated for 2018/19, £591 million for 2019/20 and £630 million for 2020/21; following the £422 million allocated for the current financial year, this significant investment will help the Scottish Government fulfil a key commitment not only to build affordable homes but also help tackle poverty and inequality by the end of this parliamentary term. It is hoped that the money, split among the 32 Scottish councils will provide high-quality, efficient and affordable housing to thousands of individuals and families over the next three years.