300 homes to be built under new affordable rent scheme
By David Young, PA
Some 300 homes are to be constructed in the first phase of a new affordable rent scheme for the North.
Stormont Communities Minister Gordon Lyons announced that Maple & May, a subsidiary of the Choice Housing association, will deliver the homes that will be offered to private rental tenants at discounted rates.
Construction is due to begin next year, with the first homes set to be rented out by the end of 2026.
The Intermediate Rent scheme aims to support renters who find themselves priced out of the mainstream private sector.
The properties are offered at rents of at least 20 per cent below the market rate for the area where the home is located.
The North's Department for Communities is part-financing the project with a long-term, low interest loan, offered through Financial Transactions Capital (FTC).
FTC is ring-fenced funding provided to the Executive from the Treasury that can only be used in the form of loans or investments in private sector projects.
While the final cost has yet to be confirmed, the FTC loan is set to account for 85 per cent of the total, with Maple & May investing 15 per cent of its own capital.
The homes are to be built in 11 locations considered to be in areas of housing need, including in Belfast, Derry and Dungannon.
Renters who are eligible for the scheme can apply to rent a home.
Eligibility criteria are income-based. Household income for a sole adult applicant must not exceed £30,000 (€36,000) net, while for a two-adult household the income limit is £40,000 net.
Successful applicants will be able to avail of longer-term tenancy periods than the typical six-month/one-year tenancies available in the private rental sector.
The homes delivered will be advertised for rent by Maple & May once construction completes.
Mr Lyons said the initiative was a central plank of his Housing Supply Strategy.
“As minister for housing, I am determined to increase the supply of good quality, affordable housing, and to expand the affordable housing options available to people and families,” he said.
“This commitment is outlined not only in the Housing Supply Strategy, but also in the Programme for Government.
“I am pleased to reach this significant milestone, partnering with Maple & May to deliver the first affordable rent homes here as Intermediate Rent Operator. These will be high quality new build houses, providing excellent homes.
“Many hard working people and families are struggling to access a home suited to their needs, made worse by increasing rents and insecurity in the private rented sector, while demand continues to exceed supply for social homes. Providing affordable homes for rent is an important step in addressing that need.
“When I launched the Executive’s Housing Supply Strategy a few weeks ago, I said we had to be innovative and radical when it comes to tackling our housing issues. There is a collective effort across government, the housing sector and private sector to deal positively with the challenges we face.
“Intermediate Rent is a key strand of this. I am pleased to see it progressing and look forward to seeing this transformational scheme become reality.
Jon Anderson, development director at Maple & May, added: “We believe that people deserve great services and standards in homes and this is an exciting opportunity for Maple and May to deliver 300 new affordable homes across Northern Ireland.
“As the first Intermediate Rent Operator in Northern Ireland, we plan to address housing need by building intermediate homes for rent, both within mixed tenure developments, alongside social and private homes, and as standalone Intermediate Rent sites enabling further options for eligible lower income households to apply for a high quality and stable home at a more affordable rent.”
