The Housing Revenue Account has provided Midlothian Council with more than £16 million in additional funding. The money is to be used to buy 100 new build homes for council housing from developers.
At a full council meeting last week (Tuesday 25th Aug 2020) councillors approved the investment.
Midlothian Council’s Cabinet Member Housing, Councillor Stephen Curran, said: “It makes financial sense to use the money from the Housing Revenue Account rather than taking on additional borrowing, thus avoiding incurring extra costs such as interest payments.
“This is a further major investment that will help support economic recovery in Midlothian as well as addressing housing need.
“As outlined in Midlothian’s route map through and out of the COVID-19 pandemic, our focus is on creating a greener, safer and sustainable Midlothian underpinned by a ‘Wellbeing Economy’ where people and the environment prosper.”
The council’s route map through and out of the COVID-19 pandemic also includes a £153 million investment in capital projects, rising to £321 million for future years. Initiative will also include additional council housing, like the 100 homes that are being purchased with this funding, which will, whenever possible, be located close to good community facilities and shops. The developments will be of high qualify, balancing good contemporary design with respect for the area’s heritage.
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