I propose to take Questions Nos. 548 and 581 together.
In November 2014 the Government approved the Social Housing Strategy 2020
which sets out a strategic framework for meeting the State's social housing needs to the end of the decade.
The Strategy includes a commitment to
commence work on a financial vehicle, to be known as the Strategic Housing Fund, to raise funding for the social housing sector. The financial vehicle will be established to facilitate the aggregation of private investment into a fund for subsequent lending as project finance.
It is intended that this funding would be lent on to qualifying Approved Housing Bodies, giving them access to long term finance. In this regard, the Social Housing Strategy 2020
refers to the possibility of an Approved Housing Body being established by a local authority or among local authorities.
Work on the development of this new funding model is being progressed under the oversight of a group which has been put in place to develop the financial aspects of the Social Housing Strategy. This group - the Finance Work Stream - comprises a range of key stakeholders including the Housing Finance Agency, the National Development Finance Agency and the Departments of Finance and of Public Expenditure & Reform.
The timing of the introduction of the new funding model will be dependent on the outcome of the group's work.