€500m to be spent by Government on 11,000 new houses

€500m to be spent by Government on 11,000 new houses

The investment arm of the Government will create nearly 2,000 construction jobs a year as it spends half a billion euro on 11,000 new houses.

The Ireland Strategic Investment Fund (ISIF) has joined together with US investment firm KKR Credit on a new €500 million joint venture, which transforms the funding options available to the Irish house building sector and will be capable of financing the construction of over 11,000 new homes in Ireland.

Activate Capital will focus exclusively on lending to Irish residential development projects and will facilitate developers in engaging on medium and large-scale housing schemes, which the government hopes will deliver a material increase in housing supply.

The money will create an estimated 1,900 jobs a year in the construction sector.

The ISIF will contribute €325 million towards the joint venture, making it the biggest single investment yet undertaken.

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