DfC announces new funding for 300 intermediate rent homes

In the assembly on Tuesday, Andy Allen, MLA for the Ulster Unionist Party, asked Mr Lyons if he would expand on how much financial transactions capital (FTC) funding would be released for the scheme and whether he is “exploring other models”. 

FTC is funding allocated to the executive by the UK government.

Mr Lyons said: “As I have always said, we need to explore a number of models, especially with FTC, which has so often been underutilised in the past. 

“Co-ownership is another way in which we can use FTC to achieve that. I am sure that the member will not mind if I do not go into the detail of how much FTC we intend to spend, because the programme will open to competition tomorrow, and it would not be wise for me to go into exact numbers. 

“I can, however, confirm that the amount is substantial.”

Announcing the funding, 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.”

The DfC invited interested operators to submit an application by 4pm on 23 August 2024.

Mr Lyons said that the intermediate rent scheme will “complement” the Social Housing Development Programme (SHDP). 

Earlier this month, it emerged that the DfC’s capital budget – which funds the SHDP – was cut by 38% in the Northern Ireland budget. The move was described as “devastating” by the Chartered Institute of Housing.