The Curious case of the Housing Finance Agency needs to be investigated – Reilly
Dublin City Councillor Noeleen Reilly, member of DCC Finance special policy committee, has said that the Housing Finance Agency needs to be looked at as a means of providing the funding for housing.
Speaking today, Cllr Reilly said:
“I raised this issue at the recent Council meeting on Monday and I am still none the wiser. We have a curious situation where the Housing Finance Agency will lend money to Dublin City Council to provide home loans, but not to build.
“I was told approval would have to be given by both the Department of Finance and the Department Housing, Planning and Local government and that Dublin may not be an attractive market, but it’s ok to lend for mortgages which has arrears of €15m.
“It makes no sense that they would lend to DCC for home loans, but not building. Questions need to be asked of both departments and Dublin City Council housing department.
“We are the largest local authority and have fixed assets of over €10 billion.
“Small scale housing associations can borrow money, so why can’t Dublin City Council with such a huge portfolio of assets to act as collateral borrow to build.
“We are in the midst of a housing crisis all options need to be on the table and answers need to be given on this issue.”