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Home Building Finance Ireland

Dáil Éireann Debate, Tuesday - 23 June 2020

Tuesday, 23 June 2020

Questions (33)

Frank Feighan

Question:

33. Deputy Frankie Feighan asked the Minister for Finance his views on whether the current percentage rates, associated fees and costs that Home Building Finance Ireland applies to loans it offers to developers and builders here is suitable to help achieve the overall goal of building more homes and reducing high levels of low housing supply here; and if he will make a statement on the matter. [12005/20]

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Written answers

HBFI was established to provide funding on a commercial basis to residential development projects which is not otherwise available in the market place. HBFI is focused on builders located throughout the country and to date has approved funding of €135m for 743 homes across 16 counties. HBFI is making significant progress and has recently indicated its ability to support developments where funding from other lenders may no longer be available.

HBFI is required to act commercially with rates and fees benchmarked against those available in the market. This is to ensure adherence to State aid rules and in doing so protects the State’s position.

I am satisfied with the progress which HBFI is making in unlocking new homes that would not otherwise be delivered. HBFI has confirmed that it remains confident that it will deliver 7,500 units in its first five years, as per its launch announcement.

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