Bank to boost social housing with £30m loan
Social housing in Northern Ireland is set to benefit from a £65 million boost as a result of a funding partnership between a housing association and Northern Bank.
A £30 million loan from Northern Bank will help 2,500-home Clanmil Housing access a further £35 million grant funding from the Department for Social Development to build 550 homes by 2014.
The project will also provide 300 on-site jobs.
Social development minister Nelson McCausland, said: ‘This funding is a huge vote of confidence by a local bank in the work of a local housing association.
‘My department already provides significant funding for social housing and this combination of public and private financing will enable Clanmil Housing to build substantially more houses.’
Jonathan Boggs, finance director at Clanmil Housing, said: ‘Faced with growing demand for social housing and increasing constraints on statutory funding, our challenge is to find new funding sources that will support continued investment in social housing and make the public money available go further.’
There were 39,891 applicants on Northern Ireland’s social housing waiting list at 31 March 2011, 20,967 of which are deemed to be in housing stress.