Lowry welcomes major funding arrangement for 2,700 student beds

Deputy Michael Lowry has welcomed the news that a €434-million financing initiative to support the development of more than 2,700 new beds for students was agreed today (Thursday) by the European Investment Bank (EIB) and the Housing Finance Agency (HFA).

The Tipperary Deputy has been actively calling for such funding for some time, particularly in light of plans by MIC in Thurles to provide additional student accommodation for their growing number of students.

This initiative will allow for the delivery of new and additional student beds through the construction and refurbishment of accommodation at universities across the country,  by providing long-term financing to Higher Education Institutions to support the construction of modern and energy-efficient accommodation buildings. It will also provide for renovation of existing buildings to improve facilities and energy efficiency.

‘The provision of suitable and affordable accommodation across the country for students is essential’ says Deputy Lowry. ‘The struggle to get a safe and appropriate place to live while they progress their studies is causing major stress to both students and their families, with many students making ridiculous daily commutes or facing the prospect of dropping out of Third Level education’ he says.

The arrangement announced on Thursday involves a 40-year €200 million loan from the EIB, with the HFA exceeding that investment, bringing the total package to €434 million. 

The combined package will assist Universities and Colleges with the cost of building accommodation by providing loans with an Interest Rate of just 4% and, in turn, help bridge the gap between viability and affordability for students.

These plans are in addition to the recent Government announcement of up to €61-million for the development of over 1,000 beds across four Universities, with the Government stating that the provision of these beds will begin in 2024.