Jon Coane

Backed by a £61.5 million investment by way of a loan from the Department for Communities for delivery in partnership with local housing provider, Maple and May, part of the Choice Housing Group, the new ARP is an important part of Northern Ireland’s Housing Supply Strategy. In the first phase, the programme is backing the development of 300 new, high-quality homes, available at an affordable rent across Northern Ireland.

Anthony Collins’ team was led by Michael Nutman and Jon Coane working closely with the executive teams and boards of Maple & May and Choice Housing and alongside specialist Northern Irish property and construction lawyers.

Jon Coane, head of funding at Anthony Collins, said: “This initiative required a new approach to funding and our specialists at Anthony Collins were able to cut through the complexities and structure a finance arrangement to support the delivery partners and their goals.

“Our client, Maple & May, is breaking new territory with this 25-year programme, which aims to provide high-quality, private rent properties at an affordable rent. An innovative approach to funding was required to dovetail with a complex development/land acquisition programme and reflect the long-term nature of the contract between our clients and the Department for Communities. As a social purpose law firm, we are very proud to have supported Maple & May and Choice Housing on a project to provide affordable housing to those on lower incomes in Northern Ireland.”

Mr Nutman said: “These are exciting times for housing providers in Northern Ireland and in England, due to the new funding options available and the willingness of policymakers, providers and developers to collaborate. With greater focus on delivering more affordable homes, including social rents for the long term, innovative funding models have never been more important.”