A housing association has secured £50 million in funding to build 500 homes in Fife, Clackmannanshire, and other areas.

Kingdom Group received the funding from the Royal Bank of Scotland (RBS) and Bank of Scotland (BoS) to support its ongoing commitment to building high-quality affordable homes.

The funds, combined with government grants, will help Kingdom tackle the housing emergency in Scotland by developing around 500 new homes.

The renegotiation of existing lending arrangements has also given Kingdom more financial flexibility to invest in their existing housing stock.

This investment will support their net-zero and sustainability agenda, with a planned maintenance programme aimed at reducing energy bills and providing warmer, more secure homes for customers in older properties.

Leigh Grubb, group director of corporate services at Kingdom, said: "The private funding market remains incredibly supportive of Kingdom and appreciates the vital role affordable housing plays in society.

"We received several competitive offers from funders and decided to split the award equally between two of our existing lenders, Royal Bank of Scotland and Lloyds, with whom we continue to have strong relationships and who have consistently supported the sector in Scotland.

"During the current housing emergency, our desire to keep developing new homes remains strong, even though there has been some slowdown in our programme due to government funding restrictions.

"This funding allows us to focus on what matters most, providing high-quality, affordable housing for our customers across the central belt."

Bruce Davidson, relationship director at Royal Bank of Scotland, said: “At Royal Bank of Scotland we understand the importance in addressing the supply of homes across the country which are fit for the future.

"We are delighted to have had the opportunity to work with Kingdom and Bank of Scotland to help the business continue to deliver on its commitment to affordable housing to its customers across central Scotland."

Melanie Russell, relationship director for social housing at Bank of Scotland, said: "We are delighted to support Kingdom Group in driving forward their mission to deliver high-quality, affordable homes across Scotland.

"This funding lays the groundwork for the sustainable growth of their business and more financially resilient communities."