A housing association in Northern Ireland has revealed plans to develop 2,500 homes over the next eight years.

Clanmil Housing Group made the announcement after it secured a £135 million finance agreement with three lenders.

Clanmil confirmed loans from Danske Bank (£60m), First Trust (£50m) and Ulster Bank (£25m).

It will enable Clanmil to access grants from the Department for Communities, combining public and private funding to create a total investment of around £315m.

The investment is expected to generate up to 500 construction jobs and support more than 400 associated jobs in the supply chain.

Steve Amos, Chair of Clanmil Housing said: "It is good to see banks investing with confidence in large social programmes like ours and we’ve worked smartly to secure a mix of funding that will yield a range of positive results, including jobs and homes, over the next decade. The deals represent good business for Clanmil and also for the public purse, making the public money available for new homes go much further.

-- Advertisement --

"We are particularly excited to make this announcement so soon after the £280 million EIB deal secured by our colleague housing associations Choice and Apex. Together these investments demonstrate 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."

Minister for Communities Paul Givan MLA said: "I am once again pleased to be able to congratulate another housing association in obtaining a significant financial package, which along with investment from my Department, will assist in delivering much needed social housing in Northern Ireland and contribute to the local community through the creation of employment opportunities.

"This announcement is another clear statement that both the Executive and local housing associations are determined to deliver high quality, energy efficient homes for those in greatest need across Northern Ireland."

(CD)