Council To Draw Down €18.4m in Loans For Projects, Including Rebuilding Ireland

Clare County Council is to draw down close to €20 million in loans to allow it finance a range of developments.

Some of the money is tied in the Rebuilding Ireland scheme, which allows local authorities issue mortgage loans.

It had been reported that this scheme had run out of money, but it now looks like it will continue.

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The government-backed Rebuilding Ireland mortgage has been heavily over-subscribed since it was first made available to first-time buyers who have been previously turned down by the banks.

14 loans have been drawn down in Clare alone, with 25 more approved and further interest expected.

Despite reports that it had run out of money, last week’s Council meeting heard that the Department has clarified that the scheme remains fully operational here, and that applications are being processed.

Soon, more money will also be available too, after Councillors gave the local authority the green light to raise a €7 million loan from the Housing Finance Agency.

Separately, the green light was also given to another loan of €6 million to allow for the purchase of land for Affordable Housing Schemes in areas including Ennis, Sixmilebridge, Tulla, Newmarket-on-Fergus, Doonbeg, Scarriff and Shannon.

While another €5.4 million loan will part-fund works on the new LIT campus in Ennis, works on the Quin Road in Ennis, Digital Hubs in Ennis and Ennistymon, as well as the Vandaleur Walled Gardens in Kilrush and at Loop Head Lighthouse.

In all cases, the money will be drawn down as needed and the Council downplayed the potential impact of the move on its overall finances.