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.