Log in | Register

Massive EIB loan boosts NI's social housing supply

Words: Roger Milne
Houses made of Euros

Two Northern Ireland housing associations have secured £280 million of long term loans from the European Investment Bank (EIB) to build nearly 5,000 new social homes.

Choice and Apex have received EIB credit approval for £150 million and £130 million respectively.

As well as constructing 4,700 new social homes, the funds will enable the associations to retro-fit many existing properties.

The £280 million will be match funded through the loan period by Stormont's funding stream for housings associations and a number of other sources, resulting in an overall spend of £560 million.

Michael McDonnell, chief executive of Choice Housing, said: "This investment package demonstrates confidence in our ability to deliver high quality outcomes and gives us access to the most cost-effective long-term finance arrangements ever used in Northern Ireland."

Martin Doherty, chairman of Apex, said: "The EIB financial package will underpin Apex's future development plans and enable us to continue our current programme of transforming disused brownfield sites in Belfast such as Girdwood, North Queen Street police station, Tiger's Bay and in other high need areas across Northern Ireland, into high quality, vibrant communities where people want to live."

Image | iStock