Clydesdale Bank has delivered a funding package for one of Scotland’s biggest housing stock transfers.
The Bank has provided facilities amounting to £17.5 million to support the transfer of nearly 3000 properties and 70 staff from Glasgow Housing Association (GHA) to North Glasgow Housing Association.
As a result of the move, North Glasgow Housing Association, which formed in 1976 and is responsible for the management of around 5500 homes in the city, will become one of the biggest community-based housing associations in Scotland.
The agreement will see tenants in Springburn, Balornock, Parkhouse, Red Road and Possilpark transfer control of their homes from GHA as part of the Second Stage Transfer (SST) process.
In addition to the transfer itself, the funding from Clydesdale Bank’s Glasgow Financial Solutions Centre (FSC) will support the Association’s ongoing management, maintenance and investment plans for the properties.
The transfer offers a number of immediate benefits to tenants including improved local control and a greater say on planned investment with those over 60 years of age also benefitting from a free home contents insurance deal.
Robert Tamburrini, chief executive of North Glasgow Housing Association, said:
“This transfer marks the start of a bright new era for North Glasgow. This process is about providing real local control which gives tenants a much bigger say on local priorities. That will be the real success story of this process – giving power to the communities we serve.
“We have an established wider action programme which is helping to deliver many benefits for the local community including learning and employment opportunities.
“We are delighted with the support we have received from the team at Clydesdale Bank in ensuring a smooth and effective transfer process and we look forward to working closely with them as we progress our plans following its completion.”
Stephen Fleming, business development partner at Clydesdale Bank, commented:
“North Glasgow Housing Association has an excellent track record across more than three decades of delivering top quality homes and services to its tenants and residents.
“Their team has a strong focus on the key priorities for the communities it serves and a clear vision of how to bring the maximum benefit to residents. We place a high value on our close relationship with the communities in which we operate and we are pleased to be able to support the Association in their ambitious plans for North Glasgow.”