PRESS RELEASE

August 26th, 2008

Greenock to miss out on housing cash

Inverclyde won’t receive a penny of the £100 million the Scottish government has pledged to get the Scottish housing market through the credit crunch.

Housing associations within the area initially welcomed the announcement but their joy proved short-lived when they were informed by local government officials that NONE of that cash was coming to Inverclyde.

That could see them miss out on a host of local investment opportunities in unsold stock and land brought about by the slump in the housing sector.

It is understood that the £100 million injection will instead be diverted to other projects in the east and north east of the country.

Greenock and Inverclyde MSP Duncan McNeil wrote to the Cabinet Secretary Nicola sturgeon this week demanding an explanation and is meeting with local housing association bosses.

Last night, Mr McNeil said: “This is bad news for the local housing associations which have had a great success in providing affordable and quality housing.

“The lack of funding may see future projects stall and investment opportunities missed, acting as a drag on our efforts to regenerate Inverclyde in the face of a declining population.

“That is why I was stunned and angered by the news that none of this money will be coming our way.

“I can see no reason why other areas of Scotland will be made a priority given the significant need for housing in Inverclyde.

“We need to give our housing associations the financial backing to be bold and innovative. We all have the shared ambition of a regenerated waterfront and improving other areas of Inverclyde.

“So I will be demanding an explanation why this is the case and will continue fighting for our fair share of these funds.”

ENDS