Social Housing

Meaning

Social Housing in Ireland covers a range of accommodation types where occupants’ rents are to varying degrees subsidised by the Irish government. The subsidisation is provided to families, couples and individuals who are not able to afford to pay market rents.

Ireland is currently experiencing a housing shortage, particularly in the social and affordable housing sectors. This housing crisis is well documented and is an important national political issue.

A key element in the Government's medium-term strategy to address this crisis is to provide increased levels of social and affordable housing through local government working with Approved Housing Bodies.

Approved Housing Bodies

Approved Housing Bodies (AHBs) (also called housing associations or voluntary housing associations) are independent, not-for-profit organisations. They provide affordable rented housing for people who cannot afford to pay private sector rents or buy their own homes; or for particular groups, such as older people or homeless people.

Lending and Investing

Santiago Capital has funded the construction of over 1,000 homes through various stages of construction and planning the large part of which is social housing. Supporting social housing is a core part of what we do.

Santiago Capital is ready and willing to engage with borrowers on social housing projects and with investors attracted by the ethical characteristics of investing in this sector.

In every instance whether acquired by an AHB or a local authority, the eventual purchasers of social housing developments are funded by the government or government backed entities.

Santiago Capital provided an equity release facility for a development with 40 units that are almost complete and sale agreed to an Approved Housing Body. The development consists of 38 units of 3 beds and 2 units of 2 beds.