Auto Amazon Links: No products found. Blocked by captcha.
The head of the Northern Ireland Housing Executive, Grainia Long, expressed confidence that the recent funding cuts for housing associations will not result in a decrease in the number of homes being built. She emphasized that each housing association will need to make individual decisions on how much private finance to borrow and the level of risk they are willing to take on. Long praised The Department for Communities for what she described as a “smart set of decisions.”
Communities Minister Gordon Lyons recently announced a reduction in public funds available to companies involved in building social housing. This adjustment is expected to lead to higher construction costs for developers, potentially causing some social housing projects to be postponed or abandoned. The Northern Ireland Federation for Housing Associations warned of the potential consequences of the funding cuts on the already substantial waiting list for social housing, which currently stands at almost 50,000 individuals.
The announcement from the Department for Communities has sparked agreement across the political spectrum that more social housing units need to be constructed. Typically, social housing projects are financed through a combination of public grants and private loans. The recent changes will decrease the average grant amount provided to housing associations from 54% to 46% of the total cost, with certain areas, such as parts of Belfast, facing a decrease to just 42% of the total cost.
Grainia Long highlighted the critical role housing associations play in determining project viability and emphasized the need for certainty in housing supply. She mentioned ongoing reviews aimed at reducing constraints on housing associations and increasing investment in social housing. The Minister of Communities stressed the importance of innovative approaches to address the financial challenges and achieve better value in social housing construction
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.