€300m EUROPEAN INVESTMENT WILL BOOST SOCIAL HOUSING - KENNY

Posted on February 18, 2015 1:06 PM   |   Permanent Link   

Labour TD Sean Kenny has said that the new €300m fund announced today for social housing investments will see an additional target of 2000 housing units built.

"This is the first time the European Investment Bank has supported a housing programme in Ireland. The EIB will be working with the Housing Finance Agency to deliver these additional houses, with the EIB and HFA giving €150m each to the fund. The funding will be invested with approved housing bodies and will see upgrades and deliveries of social housing that those housing bodies are responsible for."

"The Social Housing Strategy that was announced in Budget 2015 is targeting the provision of 35,000 new social housing units up to the year 2020 and will see 75,000 households in the private rental sector also being supported. About half of this is intended to be in place by the year 2017. Social Housing supports will be reformed in such a way that allows the development of a more responsive social housing system that will support people in a much more flexible way."

"The new €300m fund will enhance this effort and I very warmly welcome it. The funding will offer financing arrangements to approved housing bodies at a very competitive financial rate, which is very important in helping housing bodies to effectively provide housing to those in need of it. The new social housing development scheme is supported by a guarantee from the Minister for Finance and underpins the strong commitment from the EIB in providing this funding. "