The DoI is actively exploring options for new affordable housing in the north and south of the island.
Signifying significant investment, minister Dr Michelle Haywood noted that extra funding would be required for new projects beyond the balance of the Housing Reserve Fund.
In a Tynwald written answer, the minister confirmed investigations are underway at Crossag Farm in Ballasalla, in Jurby, and at Janets Corner, Castletown.
The department has prepared a £2.48m capital bid for maintenance of its existing housing stock for the 2025/26 financial year while the current balance of the fund stands at £8,927,000.
Dr Haywood said: “It is anticipated the cost of these potential projects would significantly exceed the current balance of the Housing Reserve Fund.
“While the Fund is a valuable resource, it is not sufficient to meet all affordable housing needs and additional funding will be required.”
Approval from the Housing and Communities Board is not sought prior to submitting applications, with the department instead working “collaboratively with the board to identify and address housing needs”.
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