A programme funded by the European Investment Bank (EIB) on Social Housing in Ireland will benefit Dublin as it continues to battle a housing crisis.

Fine Gael Dublin MEP Brian Hayes said: "The EIB has appraised an Irish Social Housing Programme and intends to provide €150 million of funds, out of a total of €300 million, which will involve retrofitting and restoring of existing rental housing as well as the construction of new, additional, housing units.

"Dublin is currently experiencing a serious housing shortage and there is a low level of new building work coming on stream which is driving prices up. This programme will hugely benefit Dublin by providing a much-needed boost towards improving the supply of adequate and affordable housing.

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"The EIB will work with the Housing Finance Agency (HFA) to put this programme in place and it will last for the period of 2014 – 2017. The programme is awaiting approval from the EIB's Board of Directors and it is expected that a decision will be taken by the end of October.

"The EIB have confirmed that the majority of the work will be done in Dublin and they expect the programme to provide approximately 2,400 social housing units. Many people have been on social housing waiting lists for several years in Dublin, we need to use resources from the European Investment Bank in the best way possible to deliver long-term housing to those who need it most."

(CD/JP)