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08/06/2016
Two Housing Associations Secure Loans To Build More Social Homes
Two NI housing associations have secured long term loans, worth a total of £280 million, by the European Investment Bank (EIB).
The loans, for Choice and Apex housing associations, will be used to start construction on 4,700 new social homes over the next five years and to carry out refurbishment work on existing units.
Michael McDonnell, Chief Executive of Choice Housing said: "This investment package demonstrates confidence in our ability to deliver high quality outcomes and gives us access to the most cost-effective long-term finance arrangements ever used in Northern Ireland. Ultimately that means we can make public money go further and put more social homes in the areas where they are needed most."
Martin Doherty, Chairman of Apex, said: "We are delighted that Vice President Taylor has taken time out of his busy schedule to visit our housing led regeneration schemes in North Belfast to see for himself the impact that the EIB funding can and will have on inner city communities. The EIB financial package will underpin Apex's future development plans and enable us to continue our current programme of transforming disused brownfield sites in Belfast such as Girdwood, North Queen Street police station, Tiger’s Bay and in other high need areas across Northern Ireland, into high quality, vibrant communities where people want to live."
SDLP Communities Spokesperson Nichola Mallon MLA said the announcement underscores the "real value" of our relationship with Europe.
She said: "Access to the European Investment Bank for projects like this is only an option because of our membership of the European Union. Leaving Europe would plunge future investment opportunities into uncertainty and leave us with very few alternative resource opportunities on that scale.
"I'm glad to see the Communities Minister give his backing to the project, in spite of his own party's position on Europe which is hugely damaging to our ability to attract investment on this scale."
(CD)
The loans, for Choice and Apex housing associations, will be used to start construction on 4,700 new social homes over the next five years and to carry out refurbishment work on existing units.
Michael McDonnell, Chief Executive of Choice Housing said: "This investment package demonstrates confidence in our ability to deliver high quality outcomes and gives us access to the most cost-effective long-term finance arrangements ever used in Northern Ireland. Ultimately that means we can make public money go further and put more social homes in the areas where they are needed most."
Martin Doherty, Chairman of Apex, said: "We are delighted that Vice President Taylor has taken time out of his busy schedule to visit our housing led regeneration schemes in North Belfast to see for himself the impact that the EIB funding can and will have on inner city communities. The EIB financial package will underpin Apex's future development plans and enable us to continue our current programme of transforming disused brownfield sites in Belfast such as Girdwood, North Queen Street police station, Tiger’s Bay and in other high need areas across Northern Ireland, into high quality, vibrant communities where people want to live."
SDLP Communities Spokesperson Nichola Mallon MLA said the announcement underscores the "real value" of our relationship with Europe.
She said: "Access to the European Investment Bank for projects like this is only an option because of our membership of the European Union. Leaving Europe would plunge future investment opportunities into uncertainty and leave us with very few alternative resource opportunities on that scale.
"I'm glad to see the Communities Minister give his backing to the project, in spite of his own party's position on Europe which is hugely damaging to our ability to attract investment on this scale."
(CD)
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