Co-Ownership Housing in Northern Ireland has been allocated £165 million to invest in the development of 2,800 homes over four years.

Several construction jobs will be created and the investment will also help up to 4,000 people get on the property ladder.

A total of £65m was raised through private finance from Bank of Ireland. The new facility complements Co-Ownership Housings' existing government funding of £100m financial transactions capital (FTC) from the Department for Communities. Combined, this is one of the largest finance deals in Northern Ireland.

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Mark Graham, Chief Executive of Co-Ownership Housing, said: "To date we have helped over 26,000 households onto the property ladder, and we know the difference the scheme is making in people's lives.

"Our work couldn't continue without the financial support from the Department for Communities and Bank of Ireland. This funding allows us to continue to support lower income households, particularly first time buyers, to realise their aspirations of owning their own home."

The Co-Ownership scheme is aimed at first time buyers and others returning to the market who could not otherwise afford to buy a home on their own.

(CD/JP)