The Minister of State with responsibility for Employment, Trade, Business, EU Digital Single Market and Data Protection Pat Breen said the Department of Housing has approved support capital funding of €45,600 for the purchase of six apartments in Ennis.
“The €45,000, which is 10 per cent of the cost of the Loreto Apartments in Ennis, will be provided to the Approved Housing Body (AHB) – CHI, by Clare County Council to secure their purchase for social housing. The funding will then be reimbursed to the council by the Department,” said Minister Breen.
“This Capital Advance Leasing Facility (CALF) funding is capital support provided to AHBs, by local authorities, to assist with the financing of the construction or acquisition of units that will be provided for social housing use,” said the Clare minister of state.
CALF is a loan facility that can support up to 30% of the eligible capital cost of the project, where the units will be provided under long-term lease arrangements to local authorities for social housing use.
The balance of the funding required by the AHB is usually secured by the AHB from other borrowings, typically from the Housing Finance Agency (HFA). Projects are assessed and approved for CALF funding by the Department. The CALF funding provided to AHBs by local authorities is fully recouped from the Department by local authorities.