In 2011 the Capital Advance Leasing Facility (CALF) was introduced to facilitate the securing of finance by Approved Housing Bodies (AHBs) from sources other than the Exchequer, including from the Housing Finance Agency and private lending institutions. The CALF provides a capital equity injection which assists AHB’s in securing private finance. To date over €10 million has been advanced to AHBs using this facility which has supported the provision of 158 social housing units. It is open to AHBs to consider and put forward proposals to meet housing need under the CALF. I am not aware of any case where loan finance has been sourced by AHB’s from the European Investment Bank.
My Department has submitted a proposal under the South and East Regional Operational Programme 2014 -2020 for the deep retrofitting of some 2,000 apartments and flats in Dublin, Cork and Limerick at an estimated cost of €100 million. It is proposed that 50% of the cost would be met by way of loan finance from the European Investment Bank to a number of AHB’s who would undertake the retrofitting works and manage and maintain the properties on behalf of the local authority. The balance of the funding would be met by way of a 25% capital contribution by the Exchequer and a 25% grant from the European Regional Development Fund. Further social housing proposals of this nature and involving the EIB and the AHB’s will be considered in the context of the outcome of this proposal.