Argyll Community Housing Association (ACHA) and Bank of Scotland have agreed a funding facility of £60 million, as part of a loan arrangement review.

The loan facility will allow ACHA to continue with the investment programme in its existing housing stock, building on the £100m invested to date, to meet the Scottish Housing Quality Standard (SHQS).

The agreement also provides funding of up to £13m (£10m from Bank of Scotland and up to £3m from other lenders) for investment in new housing developments in the period from 2018 to 2022.

Alastair MacGregor, chief executive of ACHA, said: “The funding provided by Bank of Scotland will be instrumental in supporting our continued investment into providing affordable housing in Argyll. In addition to supporting our current investment programme in houses, it will also help to support the development of up to 200 new houses in the area, representing a significant contribution to meeting future housing needs, economic development and the single outcome agreement.”

Claire Simpson, relationship manager in the social housing team at Bank of Scotland, added: “Argyll is a unique location in the UK with very distinct housing needs. ACHA’s investment programme, which encompasses properties spread across 11 islands, will help ensure members of the community can continue to access high-quality social housing.

“We are a long-term supporter of ACHA and its management team, and this new agreement demonstrates our confidence in the organisation.”