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£25m shortfall for housing body £25m shortfall for housing body
(about 3 hours later)
The Housing Executive is facing a £25m annual shortfall in its budget, despite being given an extra £10.5m.The Housing Executive is facing a £25m annual shortfall in its budget, despite being given an extra £10.5m.
Its budget has traditionally relied on sales of its own housing stock, with about one-third of its income coming from house sales.Its budget has traditionally relied on sales of its own housing stock, with about one-third of its income coming from house sales.
Two years ago, it sold 2,000 homes which generated an income of more than £100m. This year, it said it only expected to sell about 50 homes.Two years ago, it sold 2,000 homes which generated an income of more than £100m. This year, it said it only expected to sell about 50 homes.
A £10.5m funding boost for housing is expected to be announced later.A £10.5m funding boost for housing is expected to be announced later.
The money, allocated to the Department for Social Development, will be spent on house building, home improvements, grants and repairs.The money, allocated to the Department for Social Development, will be spent on house building, home improvements, grants and repairs.
Ms Ritchie said she was pleased the Housing Executive had managed to "prioritise work that brings real benefit to construction workers at this time". Social Development Minister Margaret Ritchie said she was pleased the Housing Executive had managed to "prioritise work that brings real benefit to construction workers at this time".
"For some time, I have flagged up the fact that there would be a shortfall in the housing budget as a result of the worldwide economic downturn, resulting in very low house sales and consequently low capital receipts," she said."For some time, I have flagged up the fact that there would be a shortfall in the housing budget as a result of the worldwide economic downturn, resulting in very low house sales and consequently low capital receipts," she said.
"However, it is important that, even with limited resources, we do all that we can to help kick start the economy.""However, it is important that, even with limited resources, we do all that we can to help kick start the economy."