Micheál Carrigy (Longford-Westmeath, Fine Gael)

The Minister and Minister of State are both very welcome. I welcome the opportunity to speak on the Housing Finance Agency (Amendment) Bill, which proposes to increase the statutory borrowing limit of the HFA from €12 billion to €13.5 billion. It is a necessary step to ensure that it can continue to do what it was established to do - to finance the delivery of social and affordable homes across our country. It plays a crucial role in our housing system. It is low-cost, long-term finance to our local authorities, AHBs and HEIs, supporting the delivery of thousands of homes each year under Housing for All and the cost-rental model. It is worth noting that it is self-financing. It does not rely on Exchequer convention; it borrows from the NTMA, the European Investment Bank and the Council of Europe Development Bank and adds only a small margin to cover its administrative costs, which makes it one of the most efficient and sustainable arms of our housing delivery system. Why does this matter now? The limit is €12 billion. It increased from €10 billion just last year and is already fully committed. That shows that we are delivering housing. Forecasts showed that this limit would be reached by early November 2025. Without an increase, the HFA would have no legal authority to approve any new loans, meaning that projects currently in planning or procurement would stall. That is not a position that any of us in this House wants to see. It ensures the continuity of funding, allowing social and affordable housing projects to proceed without disruption.

By increasing the limit to €13.5 billion, we are enabling the delivery of an estimated 5,650 additional homes, which is significant progress in tackling our supply challenges. It is also important to note that this increase is an interim measure, bridging the period until mid-2026. Once the national development plan funding allocations and the new housing plan are finalised, the HFA will reassess its longer term borrowings as part of a need for its new corporate plan. The next phase will ensure that the HFA is fully resourced to support its expanded delivery targets that we will set out under the next housing strategy. As chair of the housing committee, I emphasise the need for the housing plan and those figures to be published in the very short term for the term ahead.

In my own constituency of Longford-Westmeath, we are seeing the benefit of this kind of sustained investment. Projects funded through the AHBs and the local authorities are bringing new homes on stream within the towns across the two counties. The communities and people living there can see the progress.

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They want the momentum to continue and that is why this Bill is so important. It keeps the pipeline open, protects delivery capacity and ensures that local authorities and housing bodies can continue to plan with confidence. It is practical, responsible and necessary. It reflects a Government that is serious about delivery. It is not just making commitments but ensuring that the finance is there to back them up. By approving this increase, we are ensuring that thousands more families, older people and individuals across the country will have access to secure and affordable homes in the months and years ahead. Only in the past five minutes, the first home scheme posted interim results. Over 4,100 homes have been purchased in the past three years, with 8,300 approved.

I mentioned affordable homes and in that context, I will take the opportunity to highlight the need in my own home county for additional affordable housing. Only in recent weeks, a scheme for affordable homes was put to the Department and the Housing Agency for approval. Such homes are needed across the county and not just in the county town of Longford. They are required across the regional towns of the county. I ask for support for those projects.

I commend the Minister and his Department on bringing forward this amending Bill and am happy to support it.

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