Rose Conway-Walsh (Mayo, Sinn Fein)
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465. To ask the Minister for Housing, Planning, and Local Government the details of the criteria that higher education institutions most meet in order to access financing from the Housing Finance Agency to build on-campus accommodation specifically in terms of the commercial criteria and the ability of higher education institutions to offer on-campus accommodation at affordable, non-market rates; and if he will make a statement on the matter. [50955/21]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The Housing Finance Agency (HFA) was established by the Housing Finance Agency Act, 1981 and its function is to advance loan finance to local authorities, the voluntary housing sector and Higher Education Institutes (HEIs), to be used by them for any purpose authorised by the Housing Acts, 1966-2014, and to borrow or raise funds for this purpose. 

The Housing Finance Act 1981 was amended in 2016 by section 51 of the Planning and Development (Housing) Act Residential Tenancies Act 2016 to allow the HFA to lend to Universities for the purposes of student accommodation.  Since that time almost €170 million of loans have been approved for over 1,400 units of accommodation in UCD, Trinity and UCC. 

The HFA offers HEIs long term fixed rate finance out to 30 years at competitive interest rates. Each application received by the HFA from HEIs for loan finance to support the development of on-campus accommodation is reviewed on a case-by-case basis and is currently subject to approval by the Board of the HFA.

The criteria assessed include the underlying performance and financial standing of the HEI, the management and financial performance of its existing stock of student accommodation and an assessment of the proposed project to ensure it generates sufficient cashflow to support the repayment of the finance over the life of the loan and the ongoing management and maintenance of the property.

Section 3.6.3 of Housing for All (Facilitate Lending for Social and Affordable Housing) foresees the HFA’s role being expanded to enhance the supply of student accommodation by allowing them to lend to Technological Universities. A commitment is made to legislate for this and the relevant Action Point is 18.10.