Housing Minister Nelson McCausland and Finance Minister Simon Hamilton have launched a new £19 million Affordable Home Loans Fund.

The fund, which will provide up to 600 affordable homes across Northern Ireland over the next six years, is the local application of the Get Britain Building scheme, which was set up by the UK government, utilising Financial Transaction Capital lending, to increase housing supply and support the construction industry.

At the launch of the first homes to be released under the scheme, at Mountview Drive, Lisburn, Housing Minister Nelson McCausland said: "The Affordable Homes Loan Fund represents a £19million scheme which could potentially deliver 600 new affordable homes by 2020. To help us achieve this target, I can confirm today that three Housing Associations have been successful in bidding for funding from the Affordable Home Loans Fund. Apex, Clanmil and Oaklee Housing Associations all submitted exciting and innovative proposals that will increase the supply of affordable homes in Northern Ireland, as well as bringing empty homes back into use.

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"I was impressed today by the quality of the homes being delivered through the Fund by Clanmil's Mountview Drive development in Lisburn. I saw for myself the immense value and potential of this Fund in providing high-quality, affordable homes to first-time buyers through an equity share scheme."

Finance Minister Simon Hamilton also attended the launch today to witness the first scheme funded with Financial Transaction Capital lending in Northern Ireland. The Minister commented: "The launch of the Affordable Home Loans Fund is good news both for the housing market and for Northern Ireland’s construction industry. The potential of 600 new homes will provide an all-important step onto the housing ladder for many people but it will also promote economic growth, helping create and maintain jobs in the construction industry."

(CD/MH)