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13/10/2016

Large loan set to increase housing supply in NI

Words: Roger Milne
Housebuilding / iStock

A shared ownership specialist housing association has raised £65 million through the Bank of Ireland to help build 2,800 homes.

Co-Ownership Housing, Northern Ireland’s main shared ownership provider, said this week that combined with its existing £100 million funding from the Department for Communities it was “one of the largest finance deals in Northern Ireland”.

The housing association received £100 million in ‘financial transactions capital funding’ (long-term loan funding) earlier this year. The two pots combined will be used to fund construction of 2,800 homes over four years.

Paul Givan, minister for communities, said: “This funding complements the £100 million in financial transactions capital funding already provided to Co-Ownership Housing by the [Northern Ireland] Executive and will allow us to assist almost 4,000 families and individuals.”

It follows another funding deal in June, in which Choice and Apex housing associations agreed two 25-year loans of £150 million and £130 million each with the European Investment Bank.

Image credit | iStock

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