Niall Collins (Limerick County, Fianna Fail) | Oireachtas source

In budget 2025, we secured €6 million in annual funding to support the activation of more than 1,200 new student accommodation beds through leasing. This measure will support target group students in availing of new accommodation supply, with at least 30% of all developments being available at below market rates. A sum of €1 million has been secured to provide student accommodation officers for the sector to build resourcing and capabilities. In addition, An Taoiseach and the Minister announced an investment of €100 million from the national development plan to be allocated to the short-term activation programme. This enabled the projects at UCD, DCU and Maynooth University to progress following completion of the due diligence process.

In the longer term, schemes allowing third level institutions to access funding as part of a new student accommodation strategy are being developed and are due for completion in early 2025. The technological university study is progressing in tandem with the standardised design study to enable viable designs for State-supported student accommodation based on regional needs and feasibility assessments. The outcomes of these studies will provide a framework of delivery models and funding options that will require approval by the Government.

The HEA and the Department are actively working on the progression of pipeline proposals and programmes for student accommodation, which will include assessment and identification of State funding support requirements to activate supply for target groups.

The European Investment Bank and the Housing Finance Agency have agreed a €434 million student accommodation financing initiative to support higher education institutions in the development of affordable student housing. That is subject to the university borrowing capacity.

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