First houses released in Mountview Drive

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20/3/14: New £19million Affordable Home Loans Fund targets 600 affordable homes by 2020

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

Pictured with Finance Minister Simon Hamilton and Housing Minister Nelson McCausland are (left-right) Gerry Kelly, Chief Executive, Apex Housing, Ian Elliot, Group Chief Executive, Oaklee Housing Association and Clare McCarty, Chief Executive, Clanmil Housing. Picture: Michael Cooper — PRESS RELEASE IMAGE 20/3/14: New £19million Affordable Home Loans Fund targets 600 affordable homes by 2020 Housing Minister Nelson McCausland and Finance Minister Simon Hamilton have launched a new £19million 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. Pictured with Finance Minister Simon Hamilton and Housing Minister Nelson McCausland are (left-right) Gerry Kelly, Chief Executive, Apex Housing, Ian Elliot, Group Chief Executive, Oaklee Housing Association and Clare McCarty, Chief Executive, Clanmil Housing. Picture: Michael Cooper

They will be part of an Affordable Home Loans Fund that will provide up to 600 affordable homes across Northern Ireland over the next six years.

Three local housing associations have successfully bid for funding.

Finance Minister Simon Hamilton said the scheme was ‘good news’ both for the housing market and for Northern Ireland’s construction industry.

The fund is the local application of the UK government’s Get Britain Building scheme, which was set up to increase housing supply and support the construction industry.

Housing Minister Nelson McCausland said: “The Affordable Homes Loan Fund represents a £19m scheme which could potentially deliver 600 new affordable homes by 2020.

“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.”

Mr Hamilton added: “The 600 homes provided through this fund will provide an all-important step on to the housing ladder for many people, but will also promote economic growth, helping create and maintain jobs in the construction industry.”

The homes made available through the fund will be offered for sale on a shared equity basis, with purchasers buying a starter share and paying an initial low rent on the remaining share.