Apex, one of the North's largest housing associations, has secured a £10 million loan from Ulster Bank to develop around 1,000 new social and affordable homes across Northern Ireland.

The bank is making the finance available through a scheme that is backed by the Bank of England and the UK treasury. The “Funding for Lending” scheme allows banks and building societies in the UK to borrow from the Bank of England at cheaper than market rates for up to four years. The scheme is just one of a number of initiatives, including the creation of a new business bank, that the UK is promoting to “inject new confidence” into its financial system.

It is hoped that Apex’s new build project will create a significant number of construction jobs during its lifetime and deliver a knock-on boost for other sectors in the North. The Construction Employers’ Federation estimates that every £1 invested in construction generates £2.84 in the wider economy.

Roderick Canning, financial director of Apex, said its latest project is aimed at "delivering essential social and affordable homes at a time when demand is extremely high".

The association, which currently has more than 4,000 units under management, provides general needs housing, supported housing, sheltered housing and registered care.

Ulster Bank's head of corporate and institutional banking, NI, Kenton Hilman, said Apex had a track record of delivering high-quality homes.