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Multi-annual framework loan facility to provide financing for Irish universities student accommodation developments via the Housing Finance Agency.
As Ireland is currently experiencing a severe housing shortage, the project aims to help alleviate pressure on the existing housing stock by providing additional student residences.
Council Directive 2011/92/EU as amended by Directive 2014/52/EU on Environmental Impact Assessment does not specifically cover educational activities, leaving it at the discretion of the responsible national authorities to request an environmental impact assessment (EIA) on the basis of the location and scale of the works concerned. However, universities and technological universities (formerly institutes of technology) are likely to fall under Annex II of EIA Directive 2011/92/EU with respect to urban development. Social and environmental aspects as well as any issues related to historical and cultural heritage will be verified during the allocation procedure. The project will include new buildings and potentially renovations, which will comply with the 2010/31/EU Directive on energy efficiency of buildings. The project may have locations of schemes in less developed regions as defined by the EU cohesion policy. Therefore, the project is expected to support the strengthening of the EU's economic, social and territorial cohesion. The project anticipates investments outside of Dublin thereby contributing to better-balanced territorial development, counteracting excessive concentration, strengthening secondary growth poles and reducing inequalities between people and between places. Furthermore, the additional student accommodation is expected to provide increased amounts of lower cost accommodation enabling students from lower-income families to access higher education and decreasing living costs for some students in these locations. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation, climate adaptation, and sustainable use and protection of water and marine resources.
The Bank will require the promoter/financial intermediary to ensure that contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/24/EU as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.