Deal for 1,600 new homes agreed
A record housing deal to allow construction of 1,600 new homes in Northern Ireland has been agreed.
Clanmil Housing will be investing in low-cost social properties after securing banking loans and government funding worth up to £180 million.
The investment is expected to support 1,000 jobs over the next four years.
Steve Amos, chairman of the housing association, said: "This is really good news in a 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 the available public money go further."
Danske Bank has lent £75 million and Barclays £45 million. The rest of the money will come from the Department for Social Development.
Social Development Minister Nelson McCausland said housing associations are to significantly step up their output to deliver 2,000 new homes every year.
A total of 21,354 people are on the social housing waiting list and in urgent need, the Housing Executive said.
Clanmil owns and manages more than 3,500 homes throughout Northern Ireland, including sheltered housing schemes for elderly people with conditions like dementia.
The funding will kick-start construction of 1,600 social homes, accommodating up to 5,000 people.