Pictured are Jonathan Boggs, Clanmil Housing Finance Director; Chris Martin, Northern Bank; Nelson McCausland, DSD Minister
24 October 2011
Social housing in Northern Ireland is set to benefit from a £65m boost as a result of a funding partnership between Clanmil Housing and Northern Bank.
A £30m loan from Northern Bank will help Clanmil Housing access a further £35m statutory grant funding from the Department for Social Development - combining public and private funding to facilitate the construction of 550 much-needed new social homes across Northern Ireland over the next three years.
The construction industry in Northern Ireland is also set to benefit, with the investment securing 300 on-site jobs over the three-year period and supporting many more associated jobs throughout the supply chain.
Jonathan Boggs, Finance Director at Clanmil Housing, said; “This is really good news in a very tough lending market. 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.
This is a truly local partnership between a local housing association and a local bank that will benefit our communities and our economy, bringing high-quality, affordable homes for local people in housing need, and much needed jobs for the local construction industry”.