INVESTMENT BOOST FOR CLACKMANNANSHIRE

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This investment relates to ongoing developments at Ash Grove in Alloa and Mar College Annex in Sauchie where a total of 56 new homes are under construction although it will also enable the Association to progress further developments in Tillicoultry, Cambus and Sauchie during the year.

Quote from George Tainsh (Director)

“After a relatively lean year grant wise last year the Association is delighted with the record level of grant allocation awarded by the Scottish Government for 2009/2010 particularly at a time when public funding is coming under considerable pressure.

However, I believe it shows the confidence placed in Ochil View by both the Scottish Government and Clackmannanshire Council to deliver its ambitious development plans either on its own or in partnership with others.

We do however recognise that grant funding in future years will come under even more pressure and as a result it is vital that we maximise the resources allocated to us this year and maintain excellent relationships with our private funding partners to ensure the continuity of construction over the next couple of years.

This allocation further cements the Associations position as the leading developer of affordable housing in Clackmannanshire a position which the Association has been defending recently in the debate on investment reform”.

In terms of specific developments the funding allocation enables significant progress to be made with in conjunction with Clackmannanshire Council on a housing advice centre in Sauchie which will provide homes as well as administrative support for 26 households. Developments will also be progressed in Cambus and Tillicoultry to provide a further 30 homes, including the provision of supported accommodation for 4 adults with learning difficulties which will be undertaken in partnership with Clackmannanshire Council Social Services.

In addition the Association’s first Shared Equity project at The Glen, Coalsnaughton will be completed during July 2009 and to date 17 out of 18 of the homes have either been reserved or have had missives concluded.

Commenting on the success of this development George Tainsh said,

““During a period which has seen the private housing market almost collapse around the country the Association appears to have bucked the trend with its shared equity development in Coalsnaughton.

Undertaken in conjunction with LMF Homes, the Association has seen a remarkable demand for the properties which, despite the fact it a new type of sale, has proved most popular with only one property remaining.

There may be many factors involved in this apparent popularity but I think that, once the Association has confirmed that “there is no catch”, first time buyers who may have seen shared equity as the only way of getting a foot on the housing ladder actually recognise the excellent value of their purchase being able to buy as little as a 60% share in the property with no pressure to increase this unless individual circumstances allow. Purchasers can effectively become home owners at 60% of the cost of the property!”

The investment of almost £7m announced for new homes is in addition to the £3.6m investment planned for its existing properties during 2009/2010, almost £1m of which is being brought forward to take advantage of pre credit crunch borrowing terms agreed with the Royal Bank of Scotland in May 2008 and the current reduction in VAT from 17.5% to 15%.

Further Quote from George Tainsh (Director)

“The £3.6m expenditure planned for our existing properties during the current year shows the Associations commitment to its existing tenants and will ensure that the Association continues to meet its obligations in relation to the Scottish Housing Quality Standard.”

With total investment of over £10.6m 2009/2010 is shaping up to be a very challenging but productive year for the Association”.

For further information: contact George Tainsh (Director) or Trish Baxter (Development & Property Services Manager) on 01259 722899