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 will make a significant contribution to addressing the shortage of social housing in Ireland and the overall three-phase programme will enable 1,500 new homes to be built across the country.
“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”. said Andrew McDowell, Vice-President of the European Investment Bank.
Construction is expected to begin in the coming weeks and take up to two years depending on the site.
Original source: EIB
Published on 21 March 2019
