HOUSING ASSOCIATION FOLD Ireland has used a new method of accessing finance for social housing projects to provide state-of-the-art homes for dozens of people.

Announced today in Glasnevin, Dublin, the organisation is to redevelop an existing housing project for older people after Dublin City Council transferred ownership.

This allowed Fold to access private funding from Bank of Ireland as well as CALF (Capital Advance Leasing Facility) funding from the Department of Environment.

Funding

The site was used as security for the funding.

“The economic downturn has made it extremely difficult for local authorities to meet the demand that exists for social housing,” Development Manager Tina Donaghy explained.

“As a result, housing associations such as Fold are working with local councils and the Department of the Environment to develop innovative solutions to meet social housing needs.”

One such solution is for local authorities to transfer ownership of housing projects to associations that can then leverage the projects’ existing value to access private funds.

38 single-bed apartments and one double-bed residence are to provided at the project on Ballygall Road East.

One the current residents, Patricia O’Brien, said the new apartment “will mean the world” to her.

“I’ve never gotten used to living in a bedsit with my bed in the sitting room despite having lived here for 14 years,” she said.

I can’t wait to have a bedroom and home again.

She said the area always had a strong sense of community, with all current residents being one “happy family”, and this new project will rejuvenate that.

The 81-year-old is expected to move into her new home this summer.

All construction at the site is expected to be completed by the end of this year.