Fintan Warfield (Sinn Fein) | Oireachtas source

I move amendment No. 1:

In page 10, between lines 15 and 16, to insert the following:"(3) Such bonds, debentures and other securities may be used for the purposes of delivering social, cost rental and affordable purchase homes and for the funding of remedial works on multi-unit developments where latent defects have been discovered.".

The amendment seeks to amend the section that deals with borrowing by Home Building Finance Ireland, HBFI. It aims to include a clause under which funding raised by HBFI may be used to deliver social housing, cost-rental projects and affordable purchase homes. There is a significant deficit in the provision of genuinely affordable rental and purchased homes and anything that can help the delivery of these much needed homes should be supported.

There is a major problem with latent defects in multi-unit developments throughout the State. I am sure we have all heard of apartment complexes where serious fire safety issues have been uncovered. If passed, the amendment would enable HBFI to lend money to owners' management companies to deal with such defects.Providing a borrowing facility for people who have discovered building defects thanks to bad building that took place during the boom would help them to carry out expensive but important remedial works. It would enable owners' management companies to immediately carry out the necessary remedial works, thus addressing the safety issues in a timely manner and reducing building costs. It would enable owners' management companies to recoup the money from residents over a longer period, thereby easing the immediate financial burden imposed on apartment owners.