THE NEW GOVERNMENT-BACKED housing finance agency has approved over €100m in funding for the construction of more than 500 homes.

Home Building Finance Ireland (HBFI), which was established in January to increase funding for residential developments across the State, has announced that it received over 40 applications to construct housing during its first nine months in operation.

In an update published today, the company said it has approved €102m in funding to facilitate the delivery of 513 new homes in developments ranging from 10 to 76 units so far this year.

It said that the developments have been backed in 11 counties, with loans approved over terms ranging from a year to 44 months in length.

The company also said that it has capacity to fund the delivery of up to 7,500 homes over a five-year period.

HBFI CEO Dara Deering said that while the company was pleased with its progress, it also had more work to do.

“We have plans to support big and small developments wherever demand for new homes exists and we will continue to build on the excellent engagement that HBFI has had with the market to date,” she said.

Minister for Finance and Public Expenditure and Reform Paschal Donohoe also praised the company for its assistance in delivering more new homes.

“HBFI-backed developers will play a critical role in supporting our national housing market, ensuring it gets firmly back on its feet, and I welcome the progress that HBFI is making, approving facilities of over €100m that aim to deliver over 500 new homes,” he added.