Loan to Acquire Move-on Accommodation (LAMA)
The Department for Communities has developed a new Loan to Acquire Move-on Accommodation (LAMA), which aims to fund the purchase of properties by homelessness charities as a route into housing for those who cannot access permanent social housing or private rented accommodation.
Overview of Loan
LAMA is a £10m fund running for five years available to Homelessness charities in Northern Ireland looking to provide well managed, long term, private rented sector accommodation at an affordable rate (preferably at Local Housing Allowance (LHA) but not exceeding 80% of local market rate).
Project Aims
The aim over the five years of the project is to provide 80-100 units of accommodation as a route into housing for those who cannot access permanent social housing or private rented accommodation, supporting the Homelessness Strategy for Northern Ireland.
Who Will this Help
The target cohort can range from clients with very low support needs, (lack of housing points, priced out of private rental etc), to those with more complex and chronic needs, (mental health, substance use etc) who would benefit from a move away from the traditional Staircase Model approach to homelessness. Any applicant for the loan would need to adequately demonstrate their ability to support their chosen cohort through the Business Case Application process.
How to Apply
The programme will be operated by the Department with oversight provided by the Homelessness Branch. Individual applications for the LAMA would require bespoke business cases to be submitted which will contain detailed projected cashflows, demonstration of ability to manage quality tenancies, a proven history of property management, detailed risk analysis including risk registers specific to each scheme, and best value for money to the public purse.
Contact
If you require clarification regarding LAMA, please email the Department for Communities Homelessness Branch.