Written answers

Tuesday, 17 November 2015

Department of Environment, Community and Local Government

Social and Affordable Housing Provision

Photo of Andrew DoyleAndrew Doyle (Wicklow, Fine Gael)
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548. To ask the Minister for Environment, Community and Local Government when the special purpose vehicle announced under the social housing strategy will be put in place; the implementation process; how the vehicle will interact with local authorities; and if he will make a statement on the matter. [40572/15]

Photo of Andrew DoyleAndrew Doyle (Wicklow, Fine Gael)
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581. To ask the Minister for Environment, Community and Local Government when the special purpose vehicle announced under the social housing strategy will be put in place; how it will be rolled out; how it will interact with local authorities; and if he will make a statement on the matter. [40571/15]

Photo of Alan KellyAlan Kelly (Tipperary North, Labour)
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I propose to take Questions Nos. 548 and 581 together.

In November 2014 the Government approved the Social Housing Strategy 2020which sets out a strategic framework for meeting the State's social housing needs to the end of the decade.The Strategy includes a commitment tocommence work on a financial vehicle, to be known as the Strategic Housing Fund, to raise funding for the social housing sector. The financial vehicle will be established to facilitate the aggregation of private investment into a fund for subsequent lending as project finance.

It is intended that this funding would be lent on to qualifying Approved Housing Bodies, giving them access to long term finance. In this regard, the Social Housing Strategy 2020refers to the possibility of an Approved Housing Body being established by a local authority or among local authorities.

Work on the development of this new funding model is being progressed under the oversight of a group which has been put in place to develop the financial aspects of the Social Housing Strategy. This group - the Finance Work Stream - comprises a range of key stakeholders including the Housing Finance Agency, the National Development Finance Agency and the Departments of Finance and of Public Expenditure & Reform.

The timing of the introduction of the new funding model will be dependent on the outcome of the group's work.

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