Government home building fund gave 90% of Momentum Fund to big developers

The €300 million Momentum Fund was set up in May 2020 at the height of the pandemic to “specifically help housebuilders commence large housing developments in prime locations in cases where funding may not have been available”, Ms Deering said. File Picture: Gareth Chaney/Collins

A key Government lending body set up to increase the supply of small scale housing developments nationally delivered 90% of one of its funds to large-scale developers and corporate investors.

Home Building Finance Ireland (HBFI) told the Public Accounts Committee that some €242 million of the €274 million it lent under its Momentum Fund had gone to such large-scale private concerns.