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534 new homes will be built in Dublin, Louth, Wicklow and Kildare in the first phase of Ireland’s first social housing Public-Private Partnership following agreement for €120 million of new investment. Half of the 25 year financing for the first stage of the scheme will be provided by the European Investment Bank, alongside backing from

the Bank of Ireland, Macquarie Capital and Korea Development Bank.

The social housing construction programme will make a significant contribution to addressing the shortage of social housing in Ireland and the overall three-phase programme will enable 1,500 new homes to be built across the country.

“This contract with Comhar Housing Limited represents a significant milestone in the provision of social housing through the means of a Public-Private Partnership. These 534 homes are the first social housing units to be delivered in Ireland using this PPP model, and represent the first of three bundles in this programme that will deliver a total of 1,500 units. The valuable support of the European Investment Bank and Bank of Ireland for this project demonstrates their faith in what is an innovative social housing delivery mechanism, and I would like to acknowledge the hard work of the range of public and private sector stakeholders that have brought the project to this stage. This project represents yet another means of delivering on our overall targets for social housing as part of Rebuilding Ireland, and I am delighted to note that construction of these new homes will begin immediately.” said Eoghan Murphy TD, Minister for Housing, Planning & Local Government

The new social housing units will be managed by Choice Housing, part of the Comhar consortium, under a 25 year financing agreement and construction managed by Sisk. Under the terms of the PPP finance agreement the Comhar consortium will build and maintain the housing for 25 years before it is returned "in prime condition" to the Irish State.

Construction is expected to begin in the coming weeks and take up to two years depending on the site.