First homes built under Northern Ireland government-backed affordable scheme

The DfC announced the launch of the scheme last year. 

Further developments are to follow this financial year in Newry, Craigavon, Lisburn and Londonderry. Other locations, including Belfast, are also planned beyond that. 

Communities minister Gordon Lyons said he is “determined to be radical, innovative and ambitious to deliver for hard-pressed people and families”. 

He said that his “ultimate ambition” is to “see this new affordable rent model grow and play a lasting and meaningful role in addressing housing need for years to come”.

Mr Lyons added: “Crucially, the use of loan funding enables me to target capital funding for more social housing across Northern Ireland. 

“Alongside continued investment in social housing, this new funding model reflects another focused and innovative approach to address housing need and support hard-pressed people and families across Northern Ireland. 

“Over time, as we increase the number of homes for affordable rent, it will reduce pressure on the social housing waiting list.”

Deirdre Steele, head of Maple & May, said: “As a first for Northern Ireland, this innovative project will provide greater flexibility for individuals and families looking to access the private property market.

“With features including tenancy agreements of up to five years and flexible deposit options, the initiative has been carefully designed to help people secure homes that best suit their needs.”