The Minister for Finance, Paschal Donohoe TD; the Minister for Housing, Local Government and Heritage, Darragh O’Brien TD; and the Minister for Further and Higher Education, Research, Innovation and Science, Simon Harris TD have today (Thursday) announced that €75 million of financing has been successfully sourced from the Council of Europe Bank (COEB) for purpose-built Student Accommodation. This is an important plank in the supply expansion being targeted by Government as part of the Rebuilding Ireland initiative and of the National Student Accommodation Strategy.
Minister Donohoe said: ‘The Irish economy is in recovery mode and we expect these student accommodation units to become available in the near future. “
To support this initiative, legislation was approved to allow the Housing Finance Agency, a publicly owned agency, to finance Universities for the construction of Purpose-Built Student Accommodation. At the core of the program is the construction of new student housing projects by the seven Universities. It will also help relieve pressures in the private rented sector, as the Government’s housing strategy, Rebuilding Ireland, identifies the important contribution that increased student accommodation provision can make to resolving the overall rental housing undersupply problem and thereby moderate the rental pressure, for students and non-students.
Commenting on the announcement, Minister O’Brien said: “I welcome this announcement which comes after Cabinet approved the introduction of a number of rental protections which will benefit students. Increasing the availability of accommodation for students is the most effective way to provide them real choice and options and it is something that the USI continues to highlight.”