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£280m loan to build 5,000 NI social homes

BY David Young

Two housing associations have secured £280m worth of long-term loans from the European Investment Bank to build almost 5,000 new social homes.

Choice and Apex associations have received EIB credit approval for £150m and £130m respectively.

As well as constructing 4,700 new social homes, the funds will enable the associations to retro-fit many existing properties here.

The £280m will be match-funded through the loan period by Stormont's funding stream for housing associations and a number of other sources, resulting in an overall spend of £560m.

EIB vice-president Jonathan Taylor said the investment "will improve lives, create jobs, benefit local suppliers and cut heating bills in homes across Northern Ireland".

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