Ministers Simon Harris and Darragh O’Brien have welcomed a major round of funding that will give Higher Education Institutions the capacity to potentially deliver more than 2,700 student beds across Ireland.
The European Investment Bank (EIB) and the Housing Finance Agency (HFA) have set agreed a new round of €434 million student accommodation funding.
The funding arrangement involves a 40-year €200 million loan from the EIB, with the HFA more than matching the investment, bringing the total to €434 million, with the funding forming part of the 25% of the Housing For All commitment made by the HFA.
Speaking today, Minister for Higher Education Simon Harris said “this is fantastic news for Irish universities and their students and I want to pay tribute to the EIB and HFA for delivering this important agreement.”
“Every student bed we create has a double benefit. It helps the student and their family, but it also frees up private rental accommodation in our cities and towns. This investment by the EIB and HFA will have significant benefits for access to education, and crucially to the wider housing market.”
The investment announced today is separate to the Government announcement where a total of up to €61 million has been provided to unlock the development of over 1,000 beds across four universities, with delivery beginning in 2024.
Minister for Housing, Local Government and Heritage Darragh O’Brien said “this Government is focussed on scaling up the supply of all types of housing and accommodation, including student accommodation which we know is so badly needed.”
“The HFA is already playing a significant role in facilitating the delivery of thousands of social and affordable homes throughout the country, so it is well placed to play a lead role in improving the supply of student accommodation.”
Werner Hoyer, President of the European Investment Bank, added the €200 million 40-year EIB financing agreed with our long-standing partner HFA today will build new student accommodation across Ireland, providing students will better and more affordable places to live and reduce pressure on local housing.”
The issue of student accommodation has plagued numerous Governments, with Social Democrats TD Gary Gannon saying back in August that this year’s cohort of students face the “worst student accommodation crisis ever.”
A protest recently took place outside Leinster House where students protested, among other things, the lack of student accommodation across Ireland.