Social Housing Overview

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.

Social Housing Case Study: Killarney, Co. Kerry

The project involved the development of 44 one-bed apartments and 15 two-bed apartments. The properties are located close to the Killarney town centre. Santiago Capital provided a senior secured loan for the acquisition and development of the residential units.

Santiago Capital – 6% Senior Secured Bond Offering

Santiago Capital is accepting expressions of interest in funding a bond secured against social housing developments. The money raised as part of this campaign will be used to fund site acquisition and planning of urban social housing development sites. The LTV is 50% and Santiago Capital will leave a minimum of 10% of capital in each project ranking junior to the bond. Please see our Social Housing Brochure for further information and contact us if interested.