John Curran (Dublin Mid West, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

309. To ask the Minister for Housing, Planning, Community and Local Government following the publication of his action plan for housing and homelessness four months ago the status of the progress made to date on action 2.4, wherein the NTMA will work with the private sector to establish a funding vehicle capable of facilitating off balance sheet investment in delivering social and private housing; when this funding vehicle will be operational; the number of housing units to be delivered through this mechanism in 2017 and 2018; and if he will make a statement on the matter. [35054/16]

Simon Coveney (Cork South Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Work on developing the new funding vehicle is underway within the NTMA. Potential models for the structure of the vehicle are being examined and bilateral engagement is ongoing between the NTMA and my Department. A critical factor in the delivery of the action will be that the funding vehicle is ‘off balance sheet’ from a Government accounting perspective. Consultation involving EUROSTAT and the Central Statistics Office to address considerations affecting the potential balance-sheet treatment of the vehicle is ongoing. If significant challenges in respect of both the commercial and the ‘on-/off-balance sheet’ treatment of such a vehicle can be addressed satisfactorily, the objective is to establish a Special Purpose Vehicle (SPV) in 2017 to acquire properties for onward leasing to local authorities and Approved Housing Bodies under long-term leasing arrangements that are already well established in the market. It is envisaged that the SPV, if commercial and off-balance sheet treatment are established, has the potential to provide in the order of 5,00 0 units over a five-year period for social housing purposes. This would include provision in respect of 2017 and 2018.