COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

MEETING OF SOUTH DUBLIN COUNTY COUNCIL

Monday, December 08, 2014

HEADED ITEM NO. 8

RAISING OF LOANS FOR 2015  (HOUSING)

REPLY:

In accordance with Sections 106 (7) and 106 (3)(a) of the Local Government Act 2001 borrowing is a reserved function which requires the approval of the local authority and the appropriate Minister.

Loans for the purpose of carrying out functions under the Housing Acts are borrowed from the Housing Finance Agency.  The Agency has recommended  that a general resolution approving the borrowing of funds for housing purposes rather than specific resolutions for individual loan types is appropriate for Housing related activities.

Approval is now being sought for authority to raise loans during the year ending 31st December 2015 to a maximum total of €9,000,000 from the Housing Finance Agency plc for any purpose authorised under the Housing Acts and including:

• Shared ownership scheme.

• Rental subsidy scheme for voluntary housing groups.

• House purchase loans.

• Borrowing for the purpose of refinancing housing loans.

• Short Term Borrowing / Bridging Finance for Affordable Housing.

• Any other purpose authorised under the Housing Acts.