Strong pipeline of new social and affordable homes as Housing Finance Agency approvals up 200% in 2024
The Housing Finance Agency (HFA) has reported an increase of more than 200% in financing approvals in the first half of 2024, with €861.5 million approved for housing bodies to facilitate the delivery of 3,194 new homes.
The half-year figures include €132.5 million in loan approvals to support the delivery of 653 cost rental homes.
HFA loan advances to the end of June 2024 are also up almost 50% on the same period in 2023, with €455 million drawn down by Approved Housing Bodies (AHBs) to support the delivery of 1,328 new homes.
The HFA announced the figures as it published its 2023 Annual Report, which shows lending in 2023 of €1.2 billion.
Highlights from the 2023 Annual report include:
- The delivery of 3,796 new homes with HFA financing;
- AHB loan drawdowns totalling €987 million in 2023, up from €853 million in 2022;
- €1.6 billion in new AHB loan approvals to support the delivery of 6,193 homes (127% increase on 2022);
- €74 million in financing advanced to Local Authorities to support the provision of Local Authority Home Loans;
- An increase in the value of the HFA loan book to €7.4 billion.
Welcoming the publication of the HFA’s Annual Report, Minister for Housing, Local Government and Heritage, Darragh O’Brien, said:
''The Housing Finance Agency is a key partner in financing the construction of social and affordable housing- the scale of Housing Finance Agency funding throughout 2023 and 2024 has proved to be a key enabler and support to securing a strong housing supply pipeline and ultimately a more sustainable housing system."
‘’I commend the Housing Finance Agency for their dedicated work and partnership with my Department, Local Authorities and Approved Housing Bodies to realise the ambition of Housing for All – to deliver homes and improve lives.’’
Launching the HFA’s Annual Report for 2023, Chief Executive Officer, Fergal O’Riagáin, said:
“The HFA is delighted to report another significant year of lending in 2023, with €1.2 billion advanced to our customers to facilitate the delivery of 3,796 new homes. I want to congratulate our customers on the progress they made in 2023 and on the momentum they have built up in the first half of this year."
“There is a clear determination across the sector to increase the supply of social and affordable housing and we are proud to support that work. Last year the HFA approved financing to support the delivery of more than 6,000 new homes and in the first half of this year we approved lending to facilitate the delivery of a further 3,194 new homes. This increased activity signals a strong pipeline of new housing coming on stream over the next 12 months.”
HFA Chairperson Frank Allen said the agency is conscious of the need to increase the supply of specialist housing in tandem with development of general needs housing schemes:
“Increasing the supply of homes for those with specific needs including older people, people with a disability and others who require a combination of housing, health and community supports is an important pillar of housing policy. The HFA Annual Report for 2023 highlights a Focus Ireland development in Cork City that is providing housing to young people leaving care, older persons and Housing First Tenants who experienced homelessness.
“Ireland has a diversity of housing needs and the HFA will continue to engage with and support housing bodies that provide specialist housing to meet those needs, in urban and rural areas.”
