Business

Housing association plans £75m investment in 550 new homes

Ark Housing’s chief executive Jim McShane (left) with Dominic O’Neill, corporate acquisition manager at Danske Bank
Ark Housing’s chief executive Jim McShane (left) with Dominic O’Neill, corporate acquisition manager at Danske Bank Ark Housing’s chief executive Jim McShane (left) with Dominic O’Neill, corporate acquisition manager at Danske Bank

HOUSING charity Ark is leading a £75 million investment to build 550 new affordable homes in Northern Ireland.

Supported by an initial investment of £12m from Danske Bank and the Department for Communities’ (DfC) Housing Association Grant programme, Ark Housing - which currently manage 450 homes - says it is committed to more than doubling that number over the next five years.

The proposed new properties will be located in high demand areas across the north including Derry, Newry, Armagh, Carrickfergus, Crumlin and Belfast.

They will consist of a mix of accommodation types and sizes to meet a range of individual and family requirements.

Ark Housing’s chief executive Jim McShane said: “We recognise the importance of maximising our capacity as a social housing provider and as a charity in order to make a significant impact on addressing housing need.

“Our primary aim is to provide increasingly greater numbers of quality and affordable homes, but we can only achieve this through successful partnership.

“That's why I'm delighted at this arrangement with Danske Bank. This £12m investment sets us firmly on the path to realising our broader five-year plans and will enable us to complete up to 200 of our targeted 550 homes.”

Dominic O’Neill, corporate acquisition manager at Danske Bank, added: “The demand for housing is at an all-time high with people sometimes having to wait years to find a home.

“Ark Housing is delivering high quality homes for families, the elderly and people living on their own.

“Demand is still outstripping supply, but these new developments will help ease those pressures and we look forward to helping the Association fund further sites in the future.”