Midlothian Council agrees £16m investment in 100 new build homes
Midlothian Council has agreed more than £16 million of additional money from the Housing Revenue Account will be used to buy 100 new build homes for council housing from developers.
Councillors approved the investment at today’s meeting of the full council.
Midlothian Council’s cabinet member with responsibility for 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 route map includes a £153m investment in capital projects rising to £321m for future years. Initiatives will include additional council housing, like the 100 homes being purchased, which will, whenever possible, be located close to good community facilities and shops. Developments will be of high quality, balancing good contemporary design with respect for the area’s heritage.