Home Building Finance Ireland (HBFI) has today announced that it has approved over €100m in funding for the construction of over 500 new homes throughout Ireland in its first nine months of operations.

The HBFI is established under the Home Building Finance Ireland Act 2018 and is a private company with its own Board operating on a commercial basis, wholly owned by the Minister for Finance.

The projects for which HBFI has approved funding are widely dispersed across 11 different counties and range in size from 10 units to 76 units. The HBFI have plans to support big and small developments wherever demand for new homes exists and says it will continue to build on the engagement that HBFI has had with the market to date.

In an update published today, HBFI claims it has received over 40 full applications, with 90% relating to developments outside Dublin. It further claimed it has approved €102m in funding, facilitating the delivery of 513 new homes.

Commenting on the funding, Minister for Finance and Public Expenditure & Reform, Paschal Donohoe said, "By funding commercially viable developments of varying sizes, HBFI will make a difference and meet demand for new homes both in Dublin and in regional locations where construction firms have limited options in terms of accessing the funding they need. HBFI-backed developers will play a critical role in supporting our national housing market, ensuring it gets firmly back on its feet, and I welcome the progress that HBFI is making, approving facilities of over €100m that aim to deliver over 500 new homes."

Source: www.businessworld.ie