Bank of Ireland and Barclays today announced a £48 million funding arrangement for affordable homes in Northern Ireland.
The deal aims to deliver 1,500 affordable homes through the Co-Ownership Scheme, and these are to be purchased for first-time buyers through the scheme over the next three years to 2012.
The £48 million arrangement is described as the largest single funding arrangement for a housing association in Northern Ireland to date.
Commenting, Donal MacAteer, corporate banking director at Bank of Ireland and Niall Quinn, director at Barclays Commercial Bank, said the funding was a "good example of the type of strategic and innovative transactions we are supporting despite difficult market conditions".
Alan Crowe, chief executive of Co-Ownership Housing, added: "At just £23,571 the typical Co-Ownership first time buyer income is two-thirds the Northern Ireland average. This funding creates hope and opportunity for people who otherwise might not expect to own a home."