Press release
Ministers Donohoe & Murphy welcome progress on the establishment of Home Building Finance Ireland
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Published on
Last updated on
The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, and Minister for Housing, Planning & Local Government, Eoghan Murphy TD, today (Tuesday) welcomed the approval by the Government to proceed with the legal drafting of the Home Building Finance Ireland Bill 2018.
Home Building Finance Ireland (HBFI) was announced in October as part of Budget 2018 and will be designed to increase the availability of debt funding to commercially viable residential development projects in the State.
Funding of up to €750 million from the Irish Strategic Investment Fund will be made available to HBFI for the establishment of the fund. Through the utilisation of existing skills and expertise already available to the State in NAMA, projects are expected to commence with minimum delay, maximising the greatest potential for early delivery of homes.
Minister Donohoe said:
‘I am pleased with the decision to progress with the drafting of this important piece of legislation. Home Building Finance Ireland will provide a welcome boost to developers with viable sites who are experiencing difficulty in obtaining funding’.
“This is a priority piece of legislation and officials in my Department will now progress the drafting with relevant stakeholders and the European Commission with a view to publication in the coming months and the commencement of operations later this year.”
Minister Murphy added:
“This is an important initiative with the potential to provide the necessary financial support, in particular for small and medium-sized developers and builders, to maximise the capacity in the building sector to deliver new homes, especially in our urban areas where the demand and affordability challenges are greatest.”
ENDS
Tuesday, 30th January 2018