The announcement follows Executive agreement on the Housing Supply Strategy, which outlines a collective way forward and highlights the need for new approaches to a range of housing issues in Northern Ireland.
LAMA is a £10million loan fund running for five years available to Homelessness charities looking to provide well managed, long term, private rented sector accommodation at an affordable rate.
Minister Lyons stated: “I am pleased to be launching this new programme during Homelessness Awareness Week. I have said that we must be radical in our approach to housing, seeking innovative solutions to problems, thinking of different ways to respond to need, and this is exactly what this money will do.
“It uses Financial Transactions Capital to provide loans so that experienced charities in the homelessness sector can buy additional homes to provide move-on accommodation and help people transition through the system more quickly.
“I have seen firsthand the amazing work homelessness sector charities do in their hostels, however assisting people into an independent private tenancy will make a considerable difference to people’s lives. Ensuring people can access secure tenancies, with appropriate support, will provide them with opportunities to gain a greater level of control over their lives, reconnect with family, or simply feel part of a community again.”