A multi-million pound grant for a social housing initiative in Falkirk, Scotland has been brought forward, generating additional income for the council's pension fund.

The GBP 4.7million grant from the Scottish government will cover two affordable housing projects in the Larbert and Redding areas of the city.

Members of Falkirk council's executive committee agreed to bring forward the grant after learning that the council pension committee's decision to invest in social and affordable housing was already proving a success.

Edinburgh housing association Castle Rock Edinvar will manage the buildings, but the council will decides on the tenants.

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

Cllr Tom Coleman said: "The pension fund will get an income through these rentals and it will generate an income over a long period of time."

The project will have no financial impact on the council in terms of cost, as the government grant covers the entire cost.

There will be 96 new social housing units in total.

Housing spokesman Gerry Goldie said: "I compliment the officers and the council for going back to the Scottish Government and obtaining a better deal."

First published 07.05.2015

Lindsay.sharman@wilmingtonplc.com