The new revolving credit facility with Bank of Scotland will help the group build up to 350 new homes across Aberdeen, Aberdeenshire and Moray before 2021.

In Aberdeenshire, the waiting list for council houses has passed 10,000 applicants.

The group is made up of housing organisations in all three areas and currently owns or manages 1,500 properties.

AHP’s chief executive, Colin Hawkins, said the new deal complements a £24m funding package already in place with the bank.

He said: “We have developed our future business plan with the meaningful involvement of our tenants association who strongly support our aims to help increase the provision of high-quality, affordable housing in north-east Scotland, benefiting the lives of our current and future tenants.”

Mr Hawkins said: “The bank recognises the contribution we make to our community and how we are planning to enhance this in the coming years.”

Earlier this year, the bank agreed a similar £15m credit arrangement with Clyde Valley Housing Association, which covers parts of Lanarkshire and Dunbartonshire.

Jo-Ann Pepperell, from the bank’s housing team, said: “AHP is a model example of a modern social housing provider. The management team has worked astutely over a number of years to increase housing provision in Aberdeenshire and the north east of Scotland.

“Our ongoing support and this new facility signals our confidence in the team and our willingness to provide the finance to help further boost the number of high-quality, affordable homes in this part of Scotland.”

Meanwhile, AHP has revealed plans to create a new group together with Moray Housing Partnership (MHP).

AHP said: “Over the last 15 years AHP and MHP have become well established social landlords covering both Aberdeenshire and Moray. We now work together as a dynamic enterprise committed to providing quality affordable housing and services for the people of Aberdeenshire, Aberdeen City and Moray.

“By bringing together Aberdeenshire and Moray Housing Partnerships and working as one group will ensure we maximise efficiency and give our existing and new tenants the best value for money we can.

“Tenants and customers are at the heart of all decision making and this partnership with the Moray and Aberdeenshire tenants association (MAHPTA) has brought about change. We are now aiming to evolve into Osprey Housing, and over the next few months we will be contacting every tenant and resident of AHP and MHP to explain what these changes mean.

“As a single entity we’ll be a stronger and more financially viable landlord with a bright future. The first step will be providing up to 350 new affordable homes in Aberdeen City, Aberdeenshire and Moray.”