HFA IRISH SOCIAL &AFFORDABLE HOUSING PROGRAMME V

Under a framework loan structure, the operation will finance the Irish social and affordable housing development programme for the next 4 years.

As Ireland is currently experiencing a severe housing shortage, the project aims to help alleviate pressure on the existing housing stock by providing 2900 housing units.

The Project involves constructing approximately 2,900 new social and affordable housing units, which will significantly contribute to the Integrated Urban Development in Irish cities. This initiative is crucial in addressing Ireland's housing shortage, driven by strong demand nationwide. The European Investment Bank (EIB) is providing financial support to bridge the market gap caused by the limited availability of affordable housing. This support is essential for maintaining low rental levels and ensuring the development of sustainable communities.

The EIB's investment schemes are part of well-defined local urban development plans aimed at promoting social mix and meeting the high demand for social housing in Irish cities. By offering long-term financing at competitive rates, the EIB addresses the needs of low and middle income households where private financing options are insufficient.

A key value-added aspect of the EIB's involvement is the provision of financing on favorable terms, including a long draw-down period that aligns with the funding requirements during the investment phase. This long-term financing is crucial given the extended nature of housing investments and its positive impact on the overall Project cost.

Ultimately, the EIB's financing will contribute to a more balanced local residential market and an increased housing supply in Irish cities. This will help address the existing housing needs of low and middle-income households, ensuring that rent levels remain affordable.

Where and if applicable, and based on a risk-based approach as defined in the EIB Group Environmental and Social Policy, the requirements of the Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended by EIA Directive 2014/52/EU, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be checked during appraisal.

The promoter shall ensure that the contracts to implement the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/24/EU, as well as Directives 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.