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How will £20M Deliver New Social Housing Projects in Ireland?

2 min

Image Credit: K. Mitch Hodge, Unsplash
Habinteg Housing Association has secured £20 million in funding from Ulster Bank to support its plans to develop new social housing-led projects in Derry and Belfast. Housing Industry Leaders explores how this funding will help to deliver much-needed homes in Northern Ireland.

The projects include a £12 million scheme of 73 apartments at Duke Street in the Waterside area of Derry and a £6 million development with 31 units at Beersbridge Road in Belfast.

In addition to the housing, the financial package will support the housing association’s reinvestment in current existing homes. This includes an asset-wide programme of energy efficiency measures to support the association’s decarbonisation targets.

The funding will help boost employment opportunities in Northern Ireland

Richard Lusty, Relationship Director at Ulster Bank, explained that delivering new housing is essential to ensure that the economy thrives: “New housing investment is a significant stimulant for the local economy. In addition to providing much-needed homes, it creates and sustains employment opportunities within the construction sector – and right throughout the supply chain.”

He continued to highlight that the funding will benefit locals by creating great places to live: “Housing-led regeneration also helps establish sustainable, vibrant, and connected communities. The benefits of housing investment are far-reaching and long-lasting.”

We’re very pleased to increase our support for the important work Habinteg is delivering across Northern Ireland.

The new facilities provided by the bank are in addition to an existing £20 million financial package, which brings the total support for Habinteg by the bank to more than £40 million.

Focusing on housing sustainability is key to reaching net zero

Habinteg has said it will blend this private sector funding with grants from the Department for Communities to support the Social Housing Development Programme throughout Northern Ireland.

Darren McKinney, Chief Executive at Habinteg expressed that these projects are focusing on sustainability: “We strive to provide high quality, accessible, and affordable homes to enrich the communities in which we operate. This further investment in Belfast and the North West will provide much-needed homes for families, the elderly and those with additional needs.

“As we look forward to a net zero world, we are prioritising sustainability in terms of our new build projects, which are built to the highest standards, and our existing portfolio with a commitment to improving the efficiency of all our homes.”

This follows last year when Habinteg Housing Association launched its three-year environmental and sustainability strategy. This is aiming to reduce the association’s carbon footprint across its operations, including its new offices in Laganwood House on Newforge Lane, and its housing portfolio.