A housing association is set to build 62 new homes across Kirkintilloch and Torrance to rent.
The new local homes are part of a £70m deal between Clyde Valley Housing Association (CVHA) and Canada Life to support the delivery of 700 new homes across Lanarkshire for social rent.
Since setting up in 1996, Clyde Valley has grown steadily through new build supply at a rate of around 200 homes per year.
It says the commitment by Canada Life to provide future investment means that CVHA will own nearly 5000 homes by 2023.
The Private Placement deal will enable finance to be drawn down in two stages with £35m available in June 2018 and £35m being drawn in Oct 2020.
Allan Murray, Clyde Valley Housing Association Chair said: “We are pleased that Canada Life has chosen to invest in CVHA. This funding will allow us to meet the future needs of people in Lanarkshire who desperately need new rented homes.
“We continue to rise to the Scottish Government’s challenge to support the delivery of 50,000 new homes during this Parliament.
David Marchant, CIO at Canada Life said: “We have a long track record working with associations providing a variety of funding solutions and we look forward to working with Clyde Valley.”