A total of 1,400 new social homes are to be developed and over 700 properties upgraded in Dublin and across Ireland under a new inititiative jointly financed with the Housing Finance Agency (HFA).

The European Investment Bank (EIB) confirmed support for the project totalling €405 million.

Using funding from a previous HFA and EIB social housing initiative agreed two years ago, housing association Túath has constructed 68 new energy efficient homes, comprising both apartments and houses, at the Thornwood site.

Minister for the Housing, Planning Community and Local Government, Simon Coveney TD, said: "I welcome the announcement of this record investment package by the European Investment Bank in social housing in Ireland, which I have been able to facilitate as Minister. Over 1,400 families will have a new home as a result.

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"A further 700 householders will see their properties upgraded. The financial package will provide additional employment and support local construction suppliers. We are seeing a vital economic and social investment of €405 million.

"This initiative represents a significant combined effort from a number of critical partners in addressing what is the biggest social policy challenge we are currently facing as a country. It brings together the European Investment Bank, the Housing Finance Agency, Approved Housing Bodies, local authorities and the construction sector.

"In these times of almost unprecedented demand for housing, this new funding mechanism shows a flexibility and imagination in delivering new and improved social housing.

"It has become a prevailing narrative in some public discourse in recent times to question our European institutions. The European Investment Bank is owned by the Member States of the European Union, including Ireland.

"This investment package provides a clear demonstration of the relevance and adaptability of our European institutions in meeting the specific challenges that Ireland is currently facing to increase social housing supply."

(CD/JP)