Sorca Clarke (Longford-Westmeath, Sinn Fein)
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87. To ask the Minister for Finance the number of developments in which all or a portion of units in that development are subject to forward purchase PRS sales that have been funded through Home Building Finance Ireland since it came into operation; the value of the funding; the number of units in each development that are subject to forward purchase PRS sales; the rental price of each or any of those units that will or have been subsequently made available to rent; the average rental price; and his views on whether these issues were not addressed in the recent Home Building Finance Ireland review published by his Department on 10 May 2021. [32446/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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Since inception, HBFI has provided funding to house builders for over 2,400 homes across 17 counties, comprising of approximately 56% houses and 44% apartments. To be clear, HBFI funds the construction of new homes and does not lend to the end buyers of these homes, whether they be institutional funds, Approved Housing Bodies (AHBs), local authorities or other categories of buyer.

Based on the information available to HBFI, these homes are broken down as follows:

1,359 houses, of which:

- 815 intended for sale to individual buyers

- 479 intended for sale to AHBs and local authorities for social housing

- 65 intended for private rental

1053 apartments, of which:

- 202 intended for sale to AHBs and local authorities for social housing

- 851 intended for private rental

The figures above are based on information currently available. There may be some final variations on the figures at the conclusion of the construction process.

To date HBFI has approved funding for 5 developments as set out in the table below where part or all of the development is either sold (contract in place) or it is intended to be sold by the builder/developer (where no agreed sales or contract in place) to the private rental market.

In respect of the 916 units identified for private rental, 851 of these are apartments and 65 are houses, with institutions the likely primary category of buyer - although in a number of cases HBFI will have no visibility at this stage of the end buyer. The delivery of apartments through such advance purchases is in line with how apartment developments are funded more generally in the market and is designed to increase supply in this part of the market.

HBFI provides funding for the construction phase of a development on a commercial basis and has no role in the letting or renting of completed units in the same way as any other financial institution providing similar development funding.

HBFI has €730m of funding available for residential development, with an ability to raise a further €750m if required. The funding of large-scale developments has not and will not impact on its ability to fund small and medium sized developments. These smaller developments are the core of HBFI’s business and will continue to remain so.