Business news

Ulster Bank provides £20m facility to Habinteg for new social housing

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Ulster Bank

22nd Jun 2023

Habinteg Housing Association (Ulster) has secured an additional £20m funding facility from Ulster Bank to support its plans to deliver new homes across Belfast and the North West.

With Ulster Bank support, the association has committed to further investment in a range of new social housing led projects across the North West and Belfast, including a £12m scheme of 73 apartments at Duke Street in the Waterside area of Derry City and a £6m development with 31 units at Beersbridge Road in Belfast.

In addition to new housing, the financial package provided by Ulster Bank is supporting Habinteg to reinvest in existing homes, including an asset-wide programme of energy efficiency measures to support the association’s decarbonisation targets.

Ulster Bank relationship director, Richard Lusty, said: “New housing investment is a significant stimulant for the local economy. In addition to providing much-needed homes, it creates and sustains employment opportunities within the construction sector – and right throughout the supply chain. Housing-led regeneration also helps to establish sustainable, vibrant and connected communities. The benefits of housing investment are far-reaching and long-lasting, and this is why we’re very pleased to increase our support for the important work Habinteg is delivering across Northern Ireland.”

The new facilities provided by the bank are in addition to an existing £20m financial package, bringing the bank’s total support for Habinteg to over £40m. Habinteg will blend this private sector funding with grants from the Department for Communities to help deliver the Social Housing Development Programme throughout Northern Ireland.

Habinteg chief executive, Darren McKinney, said: “At Habinteg, we strive to provide high quality, accessible, and affordable homes to enrich the communities in which we operate. This further investment in Belfast and the North West, supported by Ulster Bank, will provide much needed homes for families, the elderly and those with additional needs. As we look forward to a Net Zero world, we are prioritising sustainability in terms of our new build projects, which are built to the highest standards, and our existing portfolio with a commitment to improving the efficiency of all our homes.”

Ulster Bank associate director, Claire McKeown, commented: “Habinteg is a purpose-led business that strives to add value. Beyond the provision of brick and mortar housing it has various community and climate-focused activities that complement its core business. As a responsible lender we’re keen to support business and industry to realise their sustainability ambitions and so we look forward to supporting the Habinteg team on the journey to net zero as they roll out the recently launched Environmental and Sustainability Strategy.”

In 2022, Habinteg launched its three-year Environmental & Sustainability Strategy, which aims to reduce the Association’s carbon footprint across its operations, including its new offices in Laganwood House on Newforge Lane, and its housing portfolio with ambitious targets.