Government to 'potentially' deliver 2,700 beds across Ireland
THE GOVERNMENT have announced that they are capable of 'potentially' delivering more than 2,700 student beds across Ireland, with new €400m funding.
Minister for Further and Higher Education, Research, Innovation and Science Simon Harris TD and Minister for Housing, Local Government and Heritage Darragh O’Brien TD welcomed a new €434 million student accommodation financing initiative.
In the first ever student accommodation funding deal between the European Investment Bank (EIB) and the Housing Finance Agency (HFA), the aim is to deliver additional student beds through the construction and refurbishment of accommodation at Irish universities.
“Every student bed we create has a double benefit. It helps the student and their family, but it also frees up private rental accommodation in our cities and towns,” said Minister Harris.
“This investment by the EIB and HFA will have significant benefits for access to education, and crucially to the wider housing market.”
This investment is separate to the Government announcement where a total of up to €61 million has been provided to unlock the development of over 1,000 beds across four universities, with delivery beginning in 2024.
Minister Harris added: “This announcement will assist institutions with the cost of building accommodation and help bridge the gap between viability and affordability for students.
“Applications will now open and I look forward to seeing the outcome of this important partnership.”
The funding arrangement involves a 40-year €200 million loan from the EIB, with the HFA more than matching the investment, bringing the total to €434 million. This funding will form part of the 25% of the Housing For All commitment made by the HFA.
Minister for Housing, Local Government and Heritage Darragh O’Brien said: “This Government is focused on scaling up the supply of all types of housing and accommodation, including student accommodation which we know is so badly needed.
"The HFA is well placed to play a lead role in improving the supply of student accommodation. I want to commend everyone involved in this historic agreement.”
To date, the HFA has provided financing of €261.2 million to support the delivery of 2,403 student beds.