In a previous posting on this website I outlined the possibility that the GHA might get a £100 million bond loan. That was incorrect. In reality, they have just been awarded a £250 million AA rated public bond loan from the City of London. This means that GHA will be in a position to build 2,800 new homes across Central Scotland in 12 Local Authority areas. The GHA claim that this will benefit thousands of tenants. In principle, I welcome this investment for new, affordable housing. However, I have serious concerns regarding the fact that this loan is going to be charged at the annual rate of 4.4%. This could mean tenants paying more in rent to pay for the interest on this loan. A further concern is the fact that GHA Ltd. has acted in a predatory manner, taking over housing associations such as Cube Housing Association, Loretto Home and Care and the West Lothian Housing Partnership. This massive investment vehicle could usher in more predatory takeovers and amalgamations by GHA, which would defeat the whole concept of small, community-led housing associations which are democratic, open and accountable.
It is therefore vitally important that the petition which is going before the Public Petitions Committee of the Scottish Parliament on Tuesday 9 December is supported by said Committee, calling on the Scottish Government to extend Freedom of Information legislation to cover all housing associations in Scotland. In this way, we can control and hold accountable GHA Ltd to its stakeholders.
I can state unequivocally that this is the biggest development in social housing for a long time and you have read about it first.
Sean Clerkin
Glasgow Homeowners' Campaign 