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More than £340 million injected into social housing

MORE than 2,500 new affordable homes are to be built
MORE than 2,500 new affordable homes are to be built MORE than 2,500 new affordable homes are to be built

NEW `mega housing association' Choice is to build more than 2,500 new affordable homes as part of an investment injection worth £340 million.

Choice was formed at the beginning of the year with the merger of Oaklee, Trinity and Ulidia Housing Associations, but only unveiled as a `brand' yesterday.

A 10,000-home landlord with property assets of more than £700 million and an annual turnover of over £40million, it is second only to the Housing Executive as the biggest social housing provider in the north.

It has now unveiled ambitious plans to build more than 2,500 new social and affordable homes in the next five years, improve existing homes and the possible transfer of housing stock held by other providers.

The proposals will have knock-on effects for other sectors, with construction alone expected to generate more than 700 jobs during the build period and support "up to 500 associated jobs in the supply chain".

Social Development minister, Mervyn Storey said more than 10,000 new social and affordable homes were "delivered" between 2011/12 to 2014/15, "more than were promised".

"The associations that now make up Choice delivered 20 pre cent of the social housing output," he said.

"The investment package announced today demonstrates confidence in the strength of the social housing sector and their ability to deliver a sustainable quality product."

Timothy Quin, Choice chairman, promised "more homes, better services and stronger communities".

"Over the next five years, thousands of people will benefit directly from the homes and employment opportunities that we plan to create," he said.

"We believe that people should get more from housing associations and we’re ready and best-equipped to lead the way."

The investment will be funded through a combination of private finance and government grants.

Chris Martin of funder Danske Bank, "Northern Ireland's primary funder to the social housing sector", pledged long term support for the association.

"Danske Bank has been very active in the social housing sector over the past year and we expect this to continue as demand for social housing rises," he said.