The Tomintoul and Glenlivet Development Trust (TGDT) has secured the final tranche of funding required to deliver affordable housing for the local community.
It received £507,000 funding package including a loan finance from Social Investment Scotland (SIS) for £349,750, in addition to a grant of £157,250 from its recent growth challenge, which will go towards the development of 12 new homes on the site of the former Tomintoul secondary school.
The completion of the new affordable housing development will help to unlock sustainable accommodation provision for the community, with eight of the properties being retained as community-owned dwellings for let.
Four properties will also be sold on the open market at a discounted rate, supporting other members of the community to get onto the property ladder.
Demolition of the old school building completed in January, with the following building work expected to complete next summer.
The trust has received financial backing from a range of investors and grant providers including the Scottish Government 's Rural and Islands Housing Fund, Highlands and Islands Enterprise, and EDF Renewables ’ Dorenell Wind Farm Community Benefit Fund.
The project is also supported through the Government's Community and Renewable Energy Scheme (CARES), which will go towards upgraded energy efficiency measures across the 12 properties.
Tilly Smith, chair of TGDT, said: “The project will bring a dozen new properties to the market, offering a much-needed, long-term solution to help bridge the gap and provide an economic boost for the area. Securing the latest funding package represents an important step in our wider regeneration plan, contributing to our broader ambition to create a thriving, sustainable community that will attract future generations to live and work here.”
Chris Jamieson, head of investments at SIS, said: “We’re pleased to support a project that will have clear benefits, both in the short term for the tenants who move in, and in the longer term, for the economic prospects of the wider area. We are looking forward to supporting TGDT and watching the build progress over the next few months.”
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