Cleaver Fulton Rankin’s Banking & Finance team advise on Northern Ireland’s first Affordable Rent programme
Communities Minister Gordon Lyons has this week announced the first ever “Affordable Rent” programme for lower-income households in Northern Ireland, in partnership with housing provider Maple and May. Stephen Cross, Sinead Stewart, Rebecca O’Flaherty and Caitriona Fitzpatrick of Cleaver Fulton Rankin’s Banking & Finance team acted for the Department for Communities (the “Department”) in the completion and delivery of this landmark initiative.
The Affordable Rent programme will support the development of affordable housing across Northern Ireland. The first homes will be in Dungannon, with further developments planned this financial year in Newry, Craigavon, Lisburn and Londonderry. Additional locations (to include Belfast) are projected in the future years of the programme.
The Affordable Rent programme will allow housing provider Maple and May, in partnership with the Department, to offer high-quality homes at rents set at 20% below the local market rates. The programme is intended to support those struggling with the cost of private rentals as well as those saving towards home ownership. Eligibility for the programme will be assessed based upon household income: a net income of up to £30,000 for a single adult household, and up to £40,000 for a two-adult household.
Stephen Cross, head of the Banking & Finance team at Cleaver Fulton Rankin, said:
“We are pleased to have played a key role in a transaction that will deliver real, lasting benefits for the people of Northern Ireland, particularly in helping to secure high-quality, affordable housing. Drawing on our deep experience in public sector advisory work, our team worked closely with the Department throughout the development of the initiative, and we look forward to seeing the development of new homes come into fruition.”
The focus of the Banking and Finance Team at Cleaver Fulton Rankin was to support the Department in entering the initiative in a manner that safeguarded public interest while enabling flexibility and innovation. The partnership with Maple & May represents a forward-thinking model, combining public oversight with private sector expertise to deliver enhanced outcomes.
The team’s work involved the careful structuring of bespoke legal and commercial arrangements underpinning the initiative. Working collaboratively with Maple and May’s advisors, the team ensured that risk allocation was appropriate, accountability mechanisms were clearly defined, and the Department was positioned to achieve its policy objectives effectively.
Cleaver Fulton Rankin continues to play a leading role in advising public sector clients on complex projects and supporting the delivery of forward-thinking solutions across Northern Ireland. The team looks forward to continuing its partnership with the Department throughout the implementation of the Affordable Rent initiative.
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