Choice Confirms Record £340m Investment Package for NI Homes
More than 2,500 new homes and approximately 1,200 jobs to be created over next five years.
Choice, Northern Ireland’s largest housing association, today revealed details of an investment package that will inject up to £340m into social and affordable housing and the wider economy.
The investment, confirmed at the unveiling of the housing provider’s new brand, is the largest of its kind in Northern Ireland and will be funded through a combination of private finance and government grants. The ambitious plans include the building of more than 2,500 new social and affordable homes in the next five years, the improvement of existing homes plus potential transfer of housing stock held by other providers.
The proposed construction is expected to generate more than 700 construction jobs over five-years and support up to 500 associated jobs in the supply chain. The association has 40 strategic partners in place which deliver a number of construction and supported housing programmes.
Choice was formed when OakleeTrinity and Ulidia Housing Associations merged to maximise their investment potential and develop a bold step-change in the delivery of new homes and the quality of supported housing services. The 10,000-home landlord already holds property assets of more than £700 million and an annual turnover of over £40million.
Speaking at the launch of the association’s new brand identity at Titanic Belfast, Timothy Quin, Chairman of Choice said:
“Today’s announcement brings good news for Choice and for Northern Ireland. This programme marks the start of an ambitious journey that will carry forward a focused plan to deliver 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.
“As a social enterprise we want to continue to evolve, to maximise on regeneration opportunities while performing better for the communities we serve with more than just housing. That means directing our resources and commercial ambition towards the acute immediate challenges and to setting new standards of excellence within the sector. We believe that people should get more from housing associations and we’re ready and best-equipped to lead the way.”
Welcoming the announcement of additional funding by Choice, Social Development Minister, Mervyn Storey MLA said:
“The creation of Choice, now the largest housing association in Northern Ireland, is welcome news. In May, I was pleased to announce that over 10,000 new social and affordable homes had been delivered during the Programme for Government period 2011/12 to 2014/15 – more than were promised. The associations that now make up Choice delivered 20% of the social housing output. I have no doubt that the competitive edge gained by the merger of the already strong performing associations of Oaklee, Trinity and Ulidia will pay further dividends for the people of Northern Ireland.
“The investment package announced today demonstrates confidence in the strength of the social housing sector and their ability to deliver a sustainable quality product. I very much welcome the commitment by Choice to deliver even higher levels of social and affordable housing output.”
Chris Martin, Head of Social Housing at Danske Bank, one of the funders of the investment programme, said:
“As Northern Ireland’s primary funder to the social housing sector it is fitting that Danske Bank is involved in helping the largest local housing association with its ambitious plans. We are proud to support Choice as it seeks to meet the need for new homes and embark on a major building programme that will provide a much needed boost to the local construction sector. 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.”
