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?¬300 million investment fund that will be used to provide 2,000 social housing units over the next three years has been described as a key solution to Dublin’s shortage crisis.
Dublin MEP Brian Hayes described the funding that is part-financed by the European Investment Bank (EIB) as a big boost for the capital.
“This could be important in tackling the serious shortage of supply of housing in Dublin,
? he said.
“Supply of housing is a major issue at the moment and has been a major factor in driving up prices. The Government’s social housing strategy, which aims to bring 35,000 additional social housing units into the market by 2020 will make a difference. But we have been to slow to react to the increase in demand in Dublin and we are now left with a housing market which has flawed structures and is vastly undersupplied.
“This new Social Housing Programme, part-funded by the EIB and managed by the Housing Finance Agency, will provide a significant boost to the housing market in Dublin.
“The EIB has confirmed that the majority of work will be done in Dublin and they expect the programme to generate over 2,000 social housing units across the country.
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Mr Hayes said the housing market would be a major issue in the coming years but that this programme, as well as the Government’s social housing strategy, was
“a step in the right direction
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“We can look to other EU countries such as the Netherlands and the UK that have spent a long time developing effective social housing models, particularly by taking advantage of EIB funding programmes,
? he added.
Deputy Catherine Byrne (FG) said housing of this kind was badly needed throughout Dublin, but particularly in the south inner city.
“The new programme announced last week will be the first ever supported by the European Investment Bank,
? Deputy Byrne said.
“The money will be made available to approved housing bodies for the upgrade and delivery of social housing.
“This programme will give housing bodies access to finance at very competitive rates and it facilitates the faster delivery of approximately 2,000 additional social housing units.
“Local construction companies and workers are also set to benefit from this announcement. I would encourage the Boards and Management of certified Approved Housing Bodies to take this opportunity to apply for access to this finance.
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