Over €405 million is being loaned to fund the building of social housing across the country.
Half of the money is coming from the European Investment Bank while the rest is being put up by the Housing Finance Agency.
This cash injection will be used to construct some 1400 homes and upgrading hundreds more over the next five years.
In total around 25,000 social houses are expected to be built between now and 2021.
A similar loan announced in 2014 helped the Tuath housing agency buy and finish an estate in Beaumont. The body owns 68 units in Thornwood and CEO Sean O’Connor says they’re nearly full.
The last fund from the EIB and HFA saw over 1300 new houses built and 550 refurbished over a three year period.