Business

Social housing developer to create 287 new homes in £13m investment

Stephen Fisher, CEO at Rural Housing Association and Chris Martin, head of social housing at Danske Bank.
Stephen Fisher, CEO at Rural Housing Association and Chris Martin, head of social housing at Danske Bank. Stephen Fisher, CEO at Rural Housing Association and Chris Martin, head of social housing at Danske Bank.

A CO Tyrone social housing developer is set to create 287 homes in a £13 million investment.

The Rural Housing Association has drawn down £4.5 million over the past year to buy properties and develop three sites next year, while the remainder of the investment will be used to purchase further sites for development, including a 10 unit dwelling on Rathlin Island, over the following four years.

Rural Housing Association CEO, Stephen Fisher said the company's focus is on delivering affordable homes to rural areas with a population of less than 5,000.

"Acquiring the land to develop is the most challenging part of our work. There is a big demand from the Housing Executive for family housing, with the gap between supply and demand still a major concern. These new homes will be a mix of two and three bed properties.”

The major investment, supported by Danske Bank will ensure the firm is able to deliver affordable housing in rural areas for the next five years.

Head of social housing at Danske Bank, Chris Martin added:

“This investment reflects Danske Bank’s continued presence and increased activity in the social housing market. Over the past three years we have supported a number of significant projects coming to market both at home and in England. While demand still outstrips supply, the housing sector is steadily recovering after a number of difficult years, and we welcome the opportunity to support social housing developers with working capital finance.”

The Rural Housing Association was established in 1992 to provide a supply of readily available and affordable accommodation. Located in Omagh, the Association employs 16 staff and works throughout Northern Ireland, tackling social housing shortages in disadvantaged rural areas.