Affordable rent scheme to deliver 300 homes
Date published:
Housing Minister Gordon Lyons has announced the next steps in a new initiative to support renters who find themselves priced out of the mainstream private rental sector.
The Intermediate Rent scheme will create a new supply of affordable rented homes across Northern Ireland at below market rents.
Minister Gordon Lyons today announced that he will provide funding to Maple & May to deliver 300 new homes at an affordable rent, some of which will start construction within the next year.
Minister Lyons said:
“As Minister for Housing, I am determined to increase the supply of good quality, affordable housing, and to expand the affordable housing options available to people and families. This commitment is outlined not only in the Housing Supply Strategy, but also in the Programme for Government.
“I am pleased to reach this significant milestone, partnering with Maple & May to deliver the first affordable rent homes here as Intermediate Rent Operator. These will be high quality new build houses, providing excellent homes.”
Intermediate Rent is a new affordable private rental product for the Northern Ireland housing market, offering high quality, longer term housing to eligible lower income households. It offers homes at discounted rents, helping those struggling with the cost of open market private rentals and others who are saving towards home ownership.
Maple & May plan to deliver these new homes in areas of housing need, both within mixed tenure developments, alongside social and private homes, and as standalone Intermediate Rent sites.
Minister Lyons adds:
“Many hard working people and families are struggling to access a home suited to their needs, made worse by increasing rents and insecurity in the private rented sector, while demand continues to exceed supply for social homes. Providing affordable homes for rent is an important step in addressing that need.
“When I launched the Executive’s Housing Supply Strategy a few weeks ago, I said we had to be innovative and radical when it comes to tackling our housing issues. There is a collective effort across government, the housing sector and private sector to deal positively with the challenges we face.
“Intermediate Rent is a key strand of this. I am pleased to see it progressing and look forward to seeing this transformational scheme become reality.
Jon Anderson, Development Director at Maple & May, said:
“We believe that people deserve great services and standards in homes and this is an exciting opportunity for Maple and May to deliver 300 new affordable homes across Northern Ireland.
“As the first Intermediate Rent Operator in Northern Ireland, we plan to address housing need by building intermediate homes for rent, both within mixed tenure developments, alongside social and private homes, and as standalone Intermediate Rent sites enabling further options for eligible lower income households to apply for a high quality and stable home at a more affordable rent.”
Although the value of the funding remains to be confirmed, it will contribute towards the delivery of the first 300 new affordable Intermediate Rent homes in Northern Ireland. Once built, eligible lower income households can apply for a tenancy with rents set at least 20% below market rent levels for the locality.
The Department will work with Maple & May to deliver homes as expediently as possible, with an ambition that the first tenancies will be in place from late 2026.
Minister Lyons’ Written Statement can be accessed on the Northern Ireland Assembly website.
Notes to editors:
1. Photo caption: Marking the appointment of Maple & May to deliver up to 300 Intermediate Rent homes across Northern Ireland, Minister Gordon Lyons is joined by (left to right): Robin Hawe, Chair of Maple & May Board, Deirdre Steele, Property Manager, Maple & May, Jon Anderson, Group Director of Development Maple & May and Helen Harrison, Vice Chair of Maple & May Board.
2. More information on Intermediate Rent is available on the Department for Communities website.
3. Maple & May was established in 2018 to deliver and manage a portfolio of properties in the private rented sector. It is a private limited company with its own Management Team and Board and is a wholly owned subsidiary of Choice Housing (Ireland) Ltd (‘Choice’), its sole shareholder. Maple & May was established with two key ambitions: to raise standards in the private rented sector and to raise revenues to help support those in acute housing need. Choice will be an equity investor for delivery of this portfolio of Intermediate Rent homes.
4. The delivery of more affordable housing, including Intermediate Rent, is a central tenet of the Housing Supply Strategy. Funding available from DfC to Maple & May will be in the form of a long-term, low interest Financial Transactions Capital loan. This will be used alongside their own private finance contribution to develop and let 300 new Intermediate Rent homes in line with the Intermediate Rent policy.
5. The financial package is in the process of being confirmed and further detail will be available in due course.
6. There are currently no Intermediate Rent homes available to rent yet. Eligibility to apply for a tenancy will be based around income, with single adult household income capped at £30k net and two adult household income at £40k net. The homes delivered will be advertised for rent by Maple & May once construction completes.
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