Alan Kelly (Tipperary, Labour) | Oireachtas source

Home Building Finance Ireland was set up to provide finance to private developers at market rates for commercially viable housing developments. I would appreciate it if the Taoiseach would look into what I am about to raise with him. There is a small development funding product for developments under ten units through this organisation. However, while it will fund projects of between five and nine residential units, the rules limit access. The size of the loan must be from €1 million to include land purchase up to 50% and development funding. Small builders who want to borrow less than €1 million, for example, those who want to borrow €500,000 or €600,000 instead of €1 million, are excluded from the scheme. In rural parts of Ireland in particular and on urban infill sites in towns and villages, they are excluded because they do not need €1 million and, for example, might only need €500,000. These types of schemes are also lower risk because, generally, small builders know who they are building for as they are normally local people. They want to limit their risk, build in small phases and not be too leveraged, if the Taoiseach understands me. Will the Taoiseach look at the limit to see if there is a way in which it can be changed to facilitate small amounts of building in rural and urban areas, where it is necessary?

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