THE GOVERNMENT WILL spend €2.2 billion on social housing in the next three years.
The scheme announced by Public Expenditure Minister Brendan Howlin in today’s Budget is targeting what Howlin called a “dire social need”.
€1.5 billion of the funding will come directly from the Exchequer, with €300 million from social partnership and €400 million from an off-balance sheet financial vehicle.
The move is the first major investment in social housing since 2009. Part of the money comes from sale of Bord Gáis Energy businesses, with Howlin saying that it was “only right” that the sale of one asset should fund investment.
2,500 of the 6,700 units are due to be delivered next year, when €800 million is invested.
There will also be an additional €55.5 million in funding for homelessness programmes.
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