I propose to take Questions Nos. 423 and 424 together.
Some 700 voluntary and co-operative bodies have been granted Approved Housing Body status by my Department. Of these, more than 400 bodies have completed one or more housing projects yielding a total in excess of 25,700 housing units to date.
Under section 17 of the Housing (Miscellaneous Provisions) Act 2002, the Housing Finance Agency is empowered to lend directly to approved housing bodies. This new direct lending mechanism – which I anticipate will be a key source of social housing delivery in the years ahead – became operational in 2011. It comprises a two-stage process. Bodies must initially apply for Certified Borrower status. To date, 17 bodies have applied, 4 have gained Certified Borrower status, 8 applications have been declined, and further information is awaited in respect of the other 5 applicants. Only after obtaining Certified Borrower status can a body make an application for loan finance. A number of such applications have now been processed.
All applications, whether for certified borrower status or in respect of loan finance, are subjected to rigorous assessment by the Agency’s credit committee. The credit committee is also assisted in its deliberations by external consultants with considerable expertise in the area of social housing finance.