Europe, UK (Commonwealth Union) – Communities Minister Gordon Lyons has announced a new funding initiative aimed at increasing the availability of affordable housing for lower-income tenants as part of the upcoming Housing Supply Strategy.
The Intermediate Rent scheme will provide funding through a long-term, low-interest government loan to an operator tasked with developing new affordable rental homes. This initiative, crafted in consultation with the housing sector to ensure its appeal and feasibility, will implement the Department’s Intermediate Rent policy.
Mr. Lyons pointed out that as Minister for Housing, his top priority is to introduce various measures to ensure that working families have access to safe, secure, and affordable housing.
He further added that Intermediate Rent is a crucial component of this strategy. The funding allocated for intermediate housing will increase the supply of homes, providing an additional option for those who are 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 type of economic housing that offers a middle ground between social housing and the private rental market in terms of cost. It provides high-quality homes with better security and discounted rents, making them accessible to those with lower incomes. This scheme offers an additional housing option for people facing affordability challenges, whether they are saving for home ownership or waiting for social housing.
The Minister indicated, that increasing the supply of more affordable, high-quality rental homes with longer-term tenancies is a key commitment for his department. The Intermediate Rent scheme will complement the Social Housing Development Programme, helping individuals and families who might otherwise have a difficult time in finding suitable rented accommodation.
In recent years the pandemic that was followed by economic hardships had led many to economic hardships particularly for those severely impacted by individuals who were economically downtrodden with accommodation on the top of the scale.
