Dáil Éireann Debate, Thursday - 25 January 2018
229. Deputy Joan Burton asked the Minister for Housing, Planning and Local Government his plans to increase European Investment Bank investment in special development zones such as Adamstown Hansfield and Cherrywood to provide additional affordable rental properties; and if he will make a statement on the matter. [3773/18]
Amharc ar fhreagra237. Deputy Joan Burton asked the Minister for Housing, Planning and Local Government the engagement he has had with the European Investment Bank regarding investment in a national affordable rental scheme; and if he will make a statement on the matter. [3781/18]
Amharc ar fhreagraI propose to take Questions Nos. 229 and 237 together.
The Government is committed to working with the European Investment Bank (EIB) to secure long-term, low-interest funds for major infrastructure works, including housing development. Potential mechanisms for investment in social and affordable housing were the focus of a high-level event, jointly organised by my Department and the EIB, which took place on 22 March 2017. Since then, officials from my Department and I have met with the EIB on a number of occasions to discuss the potential for EIB funding as an additional investment source for the delivery of social and affordable housing.
I welcome the fact that the EIB is actively engaging with local authorities. Fingal County Council recently signed a €70 million Framework Loan Agreement with the EIB which will trigger a €180 million investment in strategic infrastructure projects within the county’s Capital Development Plan. The funding will be invested in capital projects, including housing land activation. The agreement represents the first EIB support for county-wide investment, in partnership with an Irish local authority, for more than a decade.
This Framework signals the start of new funding streams for local authorities, which is a very positive development. Other local authorities can learn from these negotiations and are being encouraged to consider EIB funding sources for housing, including affordable rental and land activation projects, at appropriate sites and Strategic Development Zones.
