NI housing association secures £65m loan

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

Under the co-ownership scheme, buyers can purchase a share of between 50% and 90% on a property anywhere in Northern Ireland up to £150,000. The £65m from the Bank of Ireland is a four-year loan.

Co-Ownership Housing received £100m in ‘financial transactions capital funding’ (long-term loan funding) earlier this year.

The two pots combined will be used to fund the building of 2,800 homes over four years.

Mark Graham, chief executive of Co-Ownership Housing, said: “To date we have helped over 26,000 households onto the property ladder, and we know the difference the scheme is making in people’s lives…

“This funding allows us to continue to support lower-income households, particularly first-time buyers, to realise their aspirations of owning their own home.”

Ian Sheppard, regional director at the Bank of Ireland, said: “We are delighted to continue the longstanding relationship Bank of Ireland has with Co-Ownership Housing and this transaction underpins our ongoing commitment to the local housing market.”

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 Executive and will allow us to assist almost 4,000 families and individuals to achieve the dream of owning their own home.”

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