New homes to boost Falkirk Council pension fund

Falkirk Council workers have received a boost to their pension fund
Falkirk Council workers have received a boost to their pension fund

Plans to build social housing in the Falkirk area will provide affordable accommodation and an ongoing income for the local authority’s pension fund.

Members of Falkirk Council’s executive committee agreed to bring forward an Affordable Housing Grant to help fund new- build developments in Bellsdyke, Larbert, and Overton Crescent, Redding.

This will see 62 socially rented properties in Bellsdyke and 34 in Overton Crescent and, with the Scottish Government now providing a £4.7 million grant to cover the two projects, there will be no financial impact on the council.

At a meeting on Tuesday, members learned the council pension committee’s decision to invest in social and affordable housing projects was already proving a success.

Housing spokesman Gerry Goldie said: “Ninety six houses. Great stuff. I compliment the officers and the council for going back to the Scottish Government and obtaining a better deal.”

Councillor Jim Blackwood said: “We are getting 96 units of social and affordable housing with no additional cost to the council.”

Edinburgh housing association Castle Rock Edinvar will manage the buildings but the council, which holds the nomination rights for the properties, will decide who lives in them.

Premises in Bellsdyke will be available to rent from next summer at a rate of £80 to £85 per week.

Councillor Tom Coleman said: “These are pretty high rentals, but there will be plenty of people who want to live in them. The pension fund will get an income through this and it will generate an income over a long period of time.”