Radius Housing, one of Northern Ireland's largest housing associations managing approximately 12,500 homes across the region, has secured a £20 million (€23.8 million) loan from Ulster Bank under NatWest's £1 billion Social Rent Loan Fund, marking the first time a Northern Ireland-based housing association has accessed this funding stream.

As reported by the Belfast Telegraph, the discounted loan, available to eligible housing association customers already banking with Ulster Bank, comes with reduced interest margins and no arrangement fee, and is designed both to support the construction of new social rental properties and to free up funding for broader housing improvement programmes.

The loan is expected to go toward improving living conditions in the areas served by Radius, with confirmed projects including a £12 million scheme delivering 73 apartments at Duke Street in the Waterside area of Derry City and a £6 million development with 31 units at Beersbridge Road in Belfast, alongside an asset-wide programme of energy efficiency measures to support the association's decarbonisation targets.

Kenton Hilman, head of corporate and property at Ulster Bank, said: "Investing in safe, warm, and affordable housing for families isn't just about shelter but an important investment in the long-term well-being, education, and economic prospects of children and their parents. Ulster Bank is playing its role in this by supporting the Northern Ireland social housing sector to build vitally needed social rental properties."

Alan Thomson, director of finance at Radius, said the agreement marks an important milestone for the association and for social housing in Northern Ireland more broadly, with the deal demonstrating how innovative financing structures can support the delivery of much-needed affordable homes while creating lasting social value for communities across the region.

Louise Bailey, partner at A&L Goodbody, legal advisors to Ulster Bank, said the transaction demonstrates how innovative financing can support the delivery of much-needed affordable homes while creating lasting social value for communities across Northern Ireland.

Social rent homes provide affordable accommodation for people on lower incomes, with rents set significantly below private market rates. The deal positions Radius to expand its development programme at a time when Northern Ireland faces sustained pressure on social housing supply and affordability.