Clydebank Housing Association

Clydebank, Scotland

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A REMAKE: FROM CINEMA TO AFFORDABLE HOMES

The site where a former cinema hall near Glasgow lay derelict for 10 years has been turned into much-needed social housing, thanks to a loan* from CAF Bank

Scottish Government Minister, Kevin Stewart MSP, opens the La Scala Apartments.

The former site of the iconic La Scala building, on Graham Avenue in Clydebank, has been redeveloped into 20 one-bedroom flats, 20 two-bedroom flats and four wheelchair-adapted homes.

The development project was made possible with the help of CAF Bank, together with £3.168m in funding from the Scottish Government’s Affordable Housing Programme.

It comes after Clydebank Housing Association (CHA) applied for funding in March 2016 to kick off the redevelopment project. After securing the funds and completing the building work, the first homes were available just before Christmas 2017.

Within a matter of months, all 44 flats had been allocated, showing the demand for affordable homes in the area.

Sharon Keenan, CHA's Chief Executive, said: “With over 800 applicants on our housing list alone, these homes are a much-needed addition to our affordable rented stock. And these flats have brought a new lease of life to the area. We hope all our 44 new tenants will be happy in their homes.”


PARTNER WITH ALIGNED VALUES

Speaking about the partnership with CAF Bank, she said: “We are delighted to have secured the funding through CAF Bank. The application process was seamless, our values are aligned and we thank everyone there for being supportive of the Association and helping us achieve our development goals.”

Scott Smart, who was the first tenant to move into the new development, said: "This is my first home and I'm absolutely delighted. My one-bedroom flat has been completed to a fantastic standard." 

Stuart Niven, Business Development Manager, added: “It has been terrific to see the results of the hard work by the team at CHA. Seeing the initial tenants being offered the opportunity to take up their homes before Christmas was a real bonus. Like so many Registered Providers that CAF Bank has the privilege to work with, CHA does an incredible job within the community – both in terms of housing provision and its wider advice and support services.”

FINANCE YOUR FUTURE PLANS

Are you a social housing provider looking for a flexible lending partner to help get a project off the ground? Get in touch with our charity loan experts.

* CAF Bank loans are non-regulated products.

Loan applications subject to credit assessment. Security will be required.

Charity assets may be at risk if you do not keep up with the repayments for a mortgage, loan or any other debt secured on them.

If you're thinking of consolidating existing borrowing, you should be aware that you may be extending the term of the debt and increasing the total amount you pay.

CAF Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 204451).

CAF Bank Limited Registered office is 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ. Registered in England and Wales under number 1837656.