Michael McGrath (Cork South Central, Fianna Fail)
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The National Treasury Management Agency (NTMA) have informed me that the Ireland Strategic Investment Fund (ISIF) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. In line with this mandate, ISIF focusses its efforts on making transformational investments across its impact themes of Housing and Enabling Investments, Climate, Scaling Indigenous Businesses, and Food and Agriculture.

In respect of housing, ISIF’s investments typically support the private delivery of new mass market homes as opposed to investing directly into housing opportunities that are reliant principally on state funding for their primary source of income.

Under its housing and enabling investments strategy, ISIF has made multiple investments on a commercial basis in the Irish homebuilding sector to catalyse the development of starter and mid-market homes across a range of dwelling types and tenure. Since inception, ISIF has committed €1.3bn on commercial terms in support of the delivery of new homes. It is expected that ISIF funded home builders will deliver over 16,000 new homes by 2025 for owner-occupiers, renters, people who need social housing and students.

Developments supported by ISIF funding will typically include social housing elements under the relevant Part V planning obligations.