The proposed framework loan to the Irish Housing Finance Agency (HFA) is to finance the retrofitting of existing rented social housing and the new construction of social housing, as well as related infrastructure projects throughout the country in the period 2017-2020. In the main, final beneficiaries will be local authorities and approved housing bodies that are responsible for implementing and managing social housing in their respective constituencies. The project may also include investments entailing the construction of student accommodation for rent on the campus of third-level institutions.
The indicative pipeline of sub-projects identified at project appraisal stage anticipates a delivery of some 1,400 new social and affordable housing units and the retrofitting of approximately 708 existing units.
The project comprises a programme of investments in social housing by the Housing Finance Agency, a financial intermediary which finances Irish local authorities and approved social housing providers, entailing a mix of new-build construction and retrofitting of the provider's existing building stock. It will be required that all works are implemented in compliance with EU environmental legislation.
The Bank will require the promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2004/18/EC, or 2014/24/EU where applicable, as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.
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