Dáil Éireann Debate, Wednesday - 22 May 2024
102. Deputy Eoin Ó Broin asked the Minister for Housing, Local Government and Heritage when the revised guidance note on approved housing body submissions for the revised cost rental equity loan, currently being drafted by the Housing Agency, will be published. [23109/24]
Amharc ar fhreagraThe Housing for All strategy commits to delivering 18,000 Cost Rental homes over the period to 2030, and significant funding is being made available to support provision by Approved Housing Bodies, Local Authorities, the Land Development Agency, and now also private providers under the new Secure Tenancy Affordable Rental (STAR) investment scheme.
Last year the Government approved significant changes to Cost Rental Equity Loan (CREL) funding for AHB Cost Rental homes. Overall project funding from my Department has increased from 45% up to 55% of capital costs, on a sliding scale as necessary for project viability at appropriate rent levels, to include a new State equity investment of up to 20%.
The changes have been in operation since the Government Decision in July 2023 and were formally communicated to AHBs by my Department in July 2023. Since then, the Housing Agency has been working very closely with AHBs, both those already delivering under CREL and those which may potentially become involved, and is developing a revised guidance document. I understand that the key content of the revised guidance has already been shared in the course of regular engagement to model potential projects and encourage applications.
A significant number of new projects have already been approved under the revised scheme from late 2023 onwards, and my Department continues to receive and assess funding applications from AHBs.
