Jonathan Boggs, Group Finance Director at Clanmil, was joined by John Armstrong, Managing Director of the Construction Employer’s Federation, to announce a £31 million boost for social housing and the construction industry in Northern Ireland as a result of a funding partnership between the Clanmil Housing Group and The Housing Finance Corporation.
25 June 2013
A £17m loan from THFC will help Clanmil Housing access some £14m in statutory grant funding from the Department for Social Development, stretching public money with private finance to facilitate the construction of 300 much needed new social homes across Northern Ireland over the next eighteen months.
The funding has been provided by THFC through an aggregated bond issue of £55m funding 10 social housing borrowers, of which Clanmil is the largest participant and the only one from Northern Ireland.
Northern Ireland’s struggling construction industry will also benefit, as the construction of these new homes will secure almost 300 on-site jobs as well as supporting many more associated jobs throughout the supply chain.
Jonathan Boggs, Group Finance Director at Clanmil, said;
“This funding is very cost effective and 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 available public money go further.
Last year Clanmil delivered the largest portion of Northern Ireland’s social housing new build programme, 355 new homes, and this funding leaves us well placed to continue to play a major role in the provision of good affordable homes for people in housing need.
The Northern Ireland economy will also benefit from much needed jobs for the local construction industry.”