{"id":4971,"date":"2022-04-06T17:18:42","date_gmt":"2022-04-06T15:18:42","guid":{"rendered":"https:\/\/affordablehousingactivation.org\/?post_type=tribe_events&p=4971"},"modified":"2022-04-28T17:51:40","modified_gmt":"2022-04-28T15:51:40","slug":"housing-finance-agency-of-ireland-2","status":"publish","type":"exemplary_case","link":"https:\/\/affordablehousingactivation.org\/es\/casos-de-exito\/housing-finance-agency-of-ireland-2\/","title":{"rendered":"Housing Finance Agency of Ireland\u00a0– Dublin, Ireland"},"content":{"rendered":"

Description<\/strong><\/p>\n

Its mandate is to provide loan finance at the lowest interest rates possible to local government and non-profit sector housing associations for social housing provision, to Higher Education Institutions for student housing provision and for mortgage lending to low-income home purchasers.<\/span>\u00a0<\/span><\/p>\n

The Agency sources its finance from two European Union public banks \u2013 EIB and CEB \u2013 and from short-term deposits from local government.\u00a0 At the end of 2020, the outstanding loan book of HFA was EUR 5.18 billion.\u00a0 The HFA is self-financing \u2013 a small margin is added onto its cost of funds to cover its administration costs \u2013 so it does not receive any government subvention.<\/span>\u00a0<\/span><\/p>\n

Actors involved\u00a0<\/strong><\/p>\n

Housing Finance Agency (HFA)<\/span>\u00a0<\/span><\/p>\n

Results\u00a0<\/strong><\/p>\n

In recent years, HFA has played a key role in funding the expansion of housing support for low-income households in Ireland.\u00a0 In 2010 it began to offer loan finance to non-profit sector social housing providers which had previously been funded primarily by government grants.\u00a0 This significantly increased the volume of finance available to these housing providers and enabled them to greatly increase their output.\u00a0 Securing long-term fixed-rate finance enabled the HFA to offer fixed-rate loans to non-profit social housing providers.\u00a0 This eliminated interest rate risk, which was a key concern for them.[1]<\/span>\u00a0<\/span><\/p>\n

This experience of drawing on HFA loan finance has encouraged some non-profit social housing providers to use private banks and capital markets.\u00a0 HFA has also used these fixed-rate EIB and CEB loan facilities to offer 20-year fixed-rate, low-interest mortgages to low-income Irish home buyers[2].\u00a0 Long term fixed-interest mortgages are not provided by commercial mortgage lenders in Ireland and this type of loan significantly increases the affordability and predictability of mortgage payments, so it is particularly beneficial for low-income households[3].<\/span>\u00a0<\/span><\/p>\n

[1] National Economic and Social Council, Housing Policy: Actions to Deliver Change, NESC Council Reports, No. 150 (November 2020). Available at http:\/\/files.nesc.ie\/nesc_reports\/en\/150_Housing_Policy.pdf<\/a>.<\/span>\u00a0<\/span><\/p>\n

[2] For more details on making homeownership more affordable for first time buyers in Ireland, see http:\/\/rebuildingirelandhomeloan.ie\/<\/a>.<\/span>\u00a0<\/span><\/p>\n

[3] Conor O\u2019Toole and Rachel Slaymaker, \u201cBack to the future? Macroprudential policy and the rebirth of local authority mortgages in Ireland\u201d, Working Paper, No. 686 (Dublin, Economic and Social Research Institute, 2020). Available at https:\/\/www.esri.ie\/system\/files\/publications\/WP686_0.pdf<\/a>.<\/span>\u00a0<\/span><\/p>\n

Scale<\/strong><\/p>\n

National<\/span>\u00a0<\/span><\/p>\n

https:\/\/www.hfa.ie\/<\/span><\/a>\u00a0<\/span><\/p>\n

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https:\/\/www.housing2030.org<\/a><\/p>\n

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An initiative of:<\/strong><\/p>\n

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The Housing Finance Agency (HFA) was established in 1982 and is a public limited company wholly owned by the Irish government.\u00a0<\/p>\n","protected":false},"featured_media":4972,"parent":0,"template":"","meta":{"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"Tribe__Tickets_Plus__Commerce__WooCommerce__Main","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":[],"_tribe_ticket_has_attendee_info_fields":false},"barrera":[116,114,119,120],"acf":[],"_links":{"self":[{"href":"https:\/\/affordablehousingactivation.org\/es\/wp-json\/wp\/v2\/exemplary_case\/4971"}],"collection":[{"href":"https:\/\/affordablehousingactivation.org\/es\/wp-json\/wp\/v2\/exemplary_case"}],"about":[{"href":"https:\/\/affordablehousingactivation.org\/es\/wp-json\/wp\/v2\/types\/exemplary_case"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/affordablehousingactivation.org\/es\/wp-json\/wp\/v2\/media\/4972"}],"wp:attachment":[{"href":"https:\/\/affordablehousingactivation.org\/es\/wp-json\/wp\/v2\/media?parent=4971"}],"wp:term":[{"taxonomy":"barrera","embeddable":true,"href":"https:\/\/affordablehousingactivation.org\/es\/wp-json\/wp\/v2\/barrera?post=4971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}