Dáil Éireann Debate, Tuesday - 17 November 2015
548. Deputy Andrew Doyle asked the Minister for the Environment, Community and Local Government when the special purpose vehicle announced under the social housing strategy will be put in place; the implementation process; how the vehicle will interact with local authorities; and if he will make a statement on the matter. [40572/15]
View answer581. Deputy Andrew Doyle asked the Minister for the Environment, Community and Local Government when the special purpose vehicle announced under the social housing strategy will be put in place; how it will be rolled out; how it will interact with local authorities; and if he will make a statement on the matter. [40571/15]
View answerI 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.
