Home > Property > €120m financing confirmed for Irish social housing construction programme

€120m financing confirmed for Irish social housing construction programme

Written by Robert McHugh, on 21st Mar 2019. Posted in Property

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It was announced today that 534 new homes will be built in Dublin, Louth, Wicklow and Kildare in the first phase of Ireland’s first social housing Public-Private Partnership following agreement for €120 million of new investment.

Half of the 25 year financing for the first stage of the scheme will be provided by the European Investment Bank, alongside backing from the Bank of Ireland, Macquarie Capital and Korea Development Bank.

The social housing construction programme hopes to fight the shortage of social housing in Ireland. The overall three-phase programme will enable 1,500 new homes to be built across the country.

The six sites identified for 534 new homes include:
· Ayrfield, Malahide Rd with 150 units including 50 for senior citizens
· 70 in Scribblestown and Finglas, both in Dublin City Council's area
· Corkagh Grange in South Dublin with 109 units
· Dunleer, Co Louth with 80 units
· Convent Lands, Wicklow Town with 51 units
· Craddockstown in Naas, Co Kildare with 74 units

Construction is expected to begin in the coming weeks and take up to two years depending on the site.

Commenting on the programme, Vice-President of the European Investment Bank, Andrew McDowell said, "The European Investment Bank recognises the urgent need to increase the supply of social housing in Ireland and is pleased to provide half of the financing for Ireland’s first social housing PPP scheme through our first support for the social housing sector using a PPP structure anywhere in Europe. The EUR 120 million programme will improve the lives of hundreds of families across the country in the coming years and follows the close cooperation between the EIB and Irish partners to tackle the housing crisis."

Director of the NDFA, Cathy Bryce added, "This is a landmark development in providing new social housing in Ireland. It is the first time we have used the PPP model for social housing, opening up an important new avenue for delivering the Irish State’s social housing requirements. It is also the first time in Europe that the EIB has financed a PPP social housing scheme. I am delighted that the hard work of all stakeholders has led to the successful closing of this critical project and I look forward to the delivery of these homes as quickly as possible."

Source: www.businessworld.ie

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