First Social Housing Scheme Funded from Private Borrowing from AIB

‘I am pleased to announce that work will begin on site after Christmas on Respond’s redevelopment of St. John’s College, marking the end of our seven year marathon preparation,’ so said Fr. Patrick Cogan, a Franciscan based in Waterford and CEO of Respond.

The total project costs will come to just €12 million.  Some €8million of this will be made available in state mortgages to Respond from Waterford City Council through the Department of the Environment, Community and Local Government.’ Fr. Cogan continued, ‘The remaining €4million will be provided by Respond of which some €2.25million will come in a private borrowing initiative from the AIB Bank. This lending initiative by the AIB is the first of its kind for social housing in Ireland.’

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