The Housing Finance Agency and the European Investment bank have launched a new €400m loan facility to boost the provision of Social and Affordable housing in Ireland.
The loan programme will enable the Housing Finance Agency to provide 40-year fixed-rate finance for Approved Housing Body (AHB) and Local Authority customers.
The HFA said this will ensure long-term stability and the fostering of innovative approaches like cost-rental models that are at least 25% below comparable market rents.
Since 2007, the HFA's €775m partnership with the EIB has helped provide over 6,200 social and affordable homes nationwide.
Between 2020 and 2024, the EIB has supported the construction or renovation of nearly 665,000 homes across Europe.
Deirdre Collier, the chief executive of the Housing Finance Agency, said the new loan facility reflects the strength of a valued and long-standing partnership with the European Investment Bank, which has played a key role in supporting the delivery of social and affordable homes in Ireland over the past two decades.
"This collaboration with the EIB supports the Housing Finance Agency to provide long-term, fixed-rate finance to our customers at competitive rates," she said.
"The availability of finance, which may be at fixed rates for periods of up to 40 years by the Housing Finance Agency, offers long-term stability for housing providers, enabling the delivery of secure and affordable homes across a range of tenures, including Cost Rental," she added.
EIB Vice President Ioannis Tsakiris said it is a real privilege to see how EIB-backed homes - through the partnership with HFA and with their customers - are transforming the lives of families.
"Behind every front door is a story of security, dignity and opportunity," he stated.
He said that Ireland continues to set a great example in affordable, sustainable housing in Europe, and the EIB is determined to build on this momentum.
"Ireland continues to be a leading partner for EIB-backed housing investments in Europe, with flagship projects setting new standards in affordability, energy efficiency and community impact," he said.
"The EIB and our Irish partners are committed to further expanding cooperation, drawing on the bank's new housing strategy to accelerate high-impact investment and ensure every region of Ireland benefits from this renewed focus," he added.
Minister for Housing, Local Government and Heritage James Browne said the Housing Finance Agency is key to financing the delivery of social and affordable housing in Ireland.
"Receiving this support from our European colleagues, the EIB, is a timely reminder that our housing objectives in Ireland are ones that are echoed across the wider EU and that supporting the delivery of housing to ensure a robust and sustainable housing plan is not only a priority for Government, but also on a EU level," he added.
