merrion street

The European Investment Bank today confirmed support for record new investment in social housing totalling €405 million that will construct and improve thousands of properties across Ireland. It is expected that 1,400 new homes will be built and more than 700 properties upgraded in Dublin and across the country under the new initiative jointly financed with the Housing Finance Agency. 

The largest ever European Investment Bank support for social housing in Ireland was formally announced during a visit to the recently completed Túath development at Thornwood, Beaumont in Dublin by Housing Minister Simon Coveney. 

Using funding from a previous HFA and EIB social housing initiative agreed two years ago, housing association Túath has constructed 68 new energy efficient homes, comprising both apartments and houses, at the Thornwood site. 

Minister 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 €405 million.

Under the new initiative €200 million of new financing from the European Investment Bank will be matched by the Housing Finance Agency to provide €405 million for new lending to support investment by Approved Housing Bodies to upgrade social housing and improve energy efficiency. 

The new €405 million initiative announced today follows a €300 million social housing lending programme agreed between the European Investment Bank and the Housing Finance Agency in December 2014. This supported construction of 1,302 new homes and retrofitting at 550 properties by eight different Approved Housing Bodies. Projects backed by the 2014 programme were located in Dublin, as well as Wexford, Louth, Meath, Waterford, Cork, Kildare and Galway.