The European Investment Bank is to provide €200 million of new financing as part of record new investment in social housing totalling €405M that will construct and improve thousands of properties across Ireland.
The programme will see 1400 new homes built and more than 700 properties upgraded in Dublin and across Ireland under the new initiative jointly financed with the Housing Finance Agency.
The Housing Finance Agency will match the banks investment to provide a total €405M for new lending to support investment by approved housing bodies to upgrade social housing and improve energy efficiency.
The €200M investment from the European Investment Bank represents the largest ever support for social housing in Ireland and was announced by Housing Minister Simon Coveney during a visit to the recently completed Túath development at Thornwood, Beaumont in Dublin.
A previous HFA and EIB social housing funding initiative agreed two years ago, saw housing association Túath build 68 new energy efficient homes consisting of both apartments and houses at the Thornwood site.
Mr Coveney said: “Over 1,400 families will have a new home as a result of this investment. A further 700 householders will see their properties upgraded. The financial package will provide additional employment and support local construction suppliers. We are seeing a vital economic and social investment of €405M.”
This record investment follows a €300 million social housing lending programme agreed between the European Investment Bank and the Housing Finance Agency in December 2014, which saw the construction of 1,302 new homes and retrofitting at 550 properties by eight different approved housing bodies.
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