Dessie Ellis (Dublin North West, Sinn Fein)
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To ask the Minister for Environment, Community and Local Government the number of houses in the approved housing body sector; if the Housing Finance Agency provides mortgages before the balance sheet security of that sector is exhausted; and if lower than his expounds, the way that he will make up the shortfall. [42953/12]

Dessie Ellis (Dublin North West, Sinn Fein)
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To ask the Minister for Environment, Community and Local Government the risk responses that the Housing Finance Agency has prepared to secure the approved housing body sector against losses and their consequent failure to meet the stringent requirements of the Charities Act. [42954/12]

Jan O'Sullivan (Limerick City, Labour)
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I propose to take Questions Nos. 423 and 424 together.

Some 700 voluntary and co-operative bodies have been granted Approved Housing Body status by my Department. Of these, more than 400 bodies have completed one or more housing projects yielding a total in excess of 25,700 housing units to date.

Under section 17 of the Housing (Miscellaneous Provisions) Act 2002, the Housing Finance Agency is empowered to lend directly to approved housing bodies. This new direct lending mechanism – which I anticipate will be a key source of social housing delivery in the years ahead – became operational in 2011. It comprises a two-stage process. Bodies must initially apply for Certified Borrower status. To date, 17 bodies have applied, 4 have gained Certified Borrower status, 8 applications have been declined, and further information is awaited in respect of the other 5 applicants. Only after obtaining Certified Borrower status can a body make an application for loan finance. A number of such applications have now been processed.

All applications, whether for certified borrower status or in respect of loan finance, are subjected to rigorous assessment by the Agency’s credit committee. The credit committee is also assisted in its deliberations by external consultants with considerable expertise in the area of social housing finance.