The £120,000 unsecured loan will be used to finance pre-development work on a project which aims to create 15 new affordable homes for rent and one self-build plot in the Aberdeenshire village.

The money will be used to allow the community to work closely with an architect-led team to develop designs, submit applications for planning and building warrant approval and secure tenders from contractors to build the homes.

The project team plans to submit the planning application by the end of 2020, with construction starting by summer 2021.

Sam Foster, development officer for Rural Housing Scotland, who is working with Braemar Community Limited on the project, said: “Pre-development work is one of those crucial areas which projects often find difficult to find funding for but this loan agreement offers flexible terms which take into account the unique nature of community-led housing projects and help us mitigate risk.

“We are delighted that CAF Venturesome have agreed to assist us with this loan. The money will be used to complete the necessary work to allow this development to move to the next stage.”

The CAF Venturesome Community-Led Housing Fund has been supporting community-led housing projects since 2008, but the fund has only recently opened up to communities in Scotland. 

It supports community-led housing projects at various stages of development.