Communities Minister has today announced a funding
opportunity to build more affordable homes for lower income
tenants as a strand of the forthcoming Housing Supply Strategy.
The Intermediate Rent scheme will offer funding in the form of a
long-term, low interest government loan to an operator who will
develop a new supply of affordable homes for rent. This funding
scheme, developed through extensive engagement with the sector to
determine the attractiveness and viability of the scheme, will
bring to life the Department's Intermediate Rent policy.
Mr Lyons said:
“As Minister for Housing, it is my priority to bring forward a
range of measures to ensure working families have access to safe,
secure, and affordable housing.
“Intermediate Rent is a key strand of this. The funding available
to deliver intermediate housing for rent will create a supply of
homes offering another housing option for those who find
themselves priced out of the mainstream rental market.
“Many people are struggling to access a home suited to their
needs, exacerbated by increasing rents and insecurity in the
private rented sector, while demand continues to exceed supply
for social homes.”
Intermediate Rent is a new form of affordable rented housing,
sitting between social housing and the private rented sector in
terms of cost, and providing a high standard of quality and
better security. It offers homes with discounted rents, making
them available to those on lower incomes, and can offer another
housing option to those struggling with affordability while
either saving towards home ownership or while awaiting a social
home.
The Minister continued:
“Growing the supply of more affordable, better quality homes for
rent with longer-term tenancies is a key commitment for my
Department. The Intermediate Rent scheme will complement the
Social Housing Development Programme, supporting people who might
otherwise struggle to find rented accommodation, putting a home
within reach of individuals and families.
“We are inviting potential operators to submit an application to
run this innovative scheme, which will offer a more secure, cost
effective and sustainable housing option.”
The funding will see the delivery of 300 new affordable
Intermediate Rent homes in Northern Ireland in the first phase.
Homes will be available to eligible lower income households, with
discounted rents set at least 20% below market rent levels for a
locality. Homes will be advertised for rent and applications
will be open to eligible households.
Anyone interested in applying for this funding opportunity should
review the application guidance and may request an application
form via the DfC website. The window for applications will
close at 4pm on 23 August 2024.
