Dáil Éireann Debate, Tuesday - 11 July 2023
392. Deputy Eoin Ó Broin asked the Minister for Housing, Local Government and Heritage the current status of the revolving fund established under Rebuilding Ireland and administered by the Housing Agency. [33856/23]
View answerThe Housing Agency Acquisition (HAA) Fund of €70 million was established with effect from the 1 January 2017 with the objective of acquiring vacant property portfolios of financial institutions that could then be sold onto AHBs and used for social housing. The target for the HAA fund was to acquire 1,600 units over a four year period to 2020 with this target subsequently extended out to 2021.
At the end of May 2023, 904 properties were acquired under the HAA Fund. A further 52 properties were delivered under the HAA Fund programme but bought directly by local authorities using capital funding through the Social Housing Capital Investment Programme. Delete space The Housing Agency also completed the acquisition of 606 properties while acting on behalf of local authorities.
Under the commitment in Housing For All, my Department completed a review of the HAA fund in 2022. This review investigated the challenges faced by the fund, the most significant of which is the reduced availability of suitable units from banks and equity funds. This is primarily due to the sale of non-performing loans to non-banking entities and changes in now non-performing loans are being dealt with.
The review also explored opportunities that centred on potentially repurposing the fund to support other initiatives within Housing for All.
The Cost Rental Tenant in-Situ Scheme was introduced as an interim measure, developed on an administrative basis, to address the immediate circumstances of the ending of the 'Winter Emergency Period' on 31 March 2023. This temporary scheme is administered by the Housing Agency and supported by €10.25 million from the HAA Fund.
My Department continues to engage with DPENDR on the potential re-purposing of the HAA Fund.
