The Housing Minister has announced the launch of a new state lender that aims to deliver 7,500 homes within five years.
Home Building Finance Ireland has been given €750m from the Ireland Strategic Investment Fund to lend to builders and developers.
HBFI lending will be on commercial market terms and will take into account the track record of the borrower.
Minister @Paschald and Minister for Housing, Planning and Local Government @MurphyEoghan today launched Home Building Finance Ireland. The agency has the ability to fund the delivery of c.7,500 homes over the next 5 years. Applications are open today via https://t.co/aPKmo7g7P7 pic.twitter.com/VcnuK9SeEZ— Department of Finance (@IRLDeptFinance) January 28, 2019
Applications for more than €35m or for less than 10 units will not be considered.
Commenting on the launch, Eoghan Murphy said today: "There are no easy solutions to the housing crisis but this targeted measure in the creation of HBFI will have a real and tangible impact in addressing one of the underlying problems in the market today.
"It will build on the progress already made in boosting supply. It is a very significant step and restores another once broken part of our housing sector in a sustainable way."
Finance Minster Psachal Donohoe added: "HBFI is a smart, efficient and targeted measure that is just one aspect of the multi-faceted approach the Government is taking to resolve the housing crisis.