The loan will support the development of around 150 homes for social and mid-market rent across Ayrshire and Glasgow, including 36 ultra-low energy homes at Springfield Cross in Glasgow.

Allia C&C’s charitable bond programme provides simple, unsecured loans to housing associations for up to 15 years, while the interest paid over the life of the loan funds a grant programme for social housing subsidies.

Andrew Kubksi, director of development & asset management at WSHA, said: “We warmly welcome this funding support from Allia C&C which will help us to deliver a number of key affordable housing projects that are central to our ambitious development strategy. This includes the creation of Glasgow’s largest PassivHaus development which will provide 36 ultra-low energy homes which means low fuel bills for tenants. Over the coming year, the funding will also support the provision of high-quality affordable homes for new tenants at developments in Glasgow and South Ayrshire.”

Peter Freer, head of Scottish office at Allia C&C, added: “We are delighted to support West of Scotland Housing Association with this loan from our charitable bond programme. Through our partnership with the Scottish Government, this unsecured funding will provide even more families with an affordable home in Glasgow and Ayrshire.”

Since 2014 Allia C&C has worked with the Scottish Government to arrange loans of more than £250m to support the development of new affordable housing across Scotland.