Clanmil Housing: £100m investment linked to 1,400 new homes
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House building - stock photo
A housing association in Northern Ireland that has pledged to provide another 1,400 homes has received a £100m investment.
Clanmil Housing has committed to a five-year strategy which would also see existing homes upgraded to improve their energy efficiency.
It is due to be completed by 2026.
It has been backed by insurance and wealth management groups Aviva Investors, iA Financial Group, and Pension Insurance Corporation Plc.
The package will enable Clanmil to access housing development grants from the Department for Communities, combining public and private funding to create a total investment in new homes of some £200m.
There were more than 44,000 applicants on waiting lists for social housing in Northern Ireland as of 30 June 2022, according to figures from the Department for Communities.
Almost 32,000 applicants are described as being in "housing stress", which is when housing costs exceed one third of their income.
Building the new social housing will create up to 950 construction jobs and support more than 1,450 associated jobs in the supply chain and wider economy over the next four years.
Clanmil Housing has committed to a five-year strategy which would also see existing homes upgraded to improve their energy efficiency
The additional property would take Clanmil Housing's residential portfolio in Northern Ireland to more than 7,000 homes, including family homes, homes for single people, independent living schemes for older people, housing with care for frail older people and supported housing for older people with dementia.
Carol McTaggart, group chief executive at Clanmil, said the money would allow Clanmill to deliver "more great homes for people who need them, helping address the growing housing waiting list and strengthening communities by creating great places to live".
"This investment will bring a range of positive outcomes, including jobs and homes, and represents good business not only for Clanmil, but also for the public purse, making the public money available for new homes go much further," she said.
"It also demonstrates that in addition to our social contribution, the social-housing sector in Northern Ireland is playing an important role in bolstering and growing our economy."