Housing Minister 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 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:
2. More information on Intermediate Rent is available on the
Department for Communities website: www.communities-ni.gov.uk/articles/intermediate-rent
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.
