Funding to deliver 300 new affordable rental homes in Northern Ireland has been announced by Housing Minister Gordon Lyons.

Belfast-based property developer Maple & May will begin construction on the first phase of these homes within the next year as part of the Department for Communities' Intermediate Rent scheme.

This initiative aims to support renters who find themselves priced out of the mainstream private rental sector by creating a supply of homes at below market rents.

Although the value of the funding remains to be confirmed, it will contribute towards the delivery of these first homes which, once built, will see eligible lower income households apply for a tenancy in with rents set at least 20% below market rent levels for the locality.

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Maple & May plan to deliver these new homes in areas of housing need, both within mixed tenure developments, alongside social and private homes, and as standalone Intermediate Rent sites.

Jon Anderson, Development Director at Maple & May, said: "We believe that people deserve great services and standards in homes and this is an exciting opportunity for Maple and May to deliver 300 new affordable homes across Northern Ireland.

"As the first Intermediate Rent Operator in Northern Ireland, we plan to address housing need by building intermediate homes for rent, both within mixed tenure developments, alongside social and private homes, and as standalone Intermediate Rent sites enabling further options for eligible lower income households to apply for a high quality and stable home at a more affordable rent."

Discussing the partnership, Housing Minister Lyons added: "I am pleased to reach this significant milestone, partnering with Maple & May to deliver the first affordable rent homes here as Intermediate Rent Operator. These will be high quality new build houses, providing excellent homes."

The Department will work with Maple & May to deliver homes as expediently as possible, with an ambition that the first tenancies will be in place from late 2026.