This is the first time the state will be able to invest in student housing
(Source: Wikimedia Commons)The Minister for Higher Education will announce 2,700 new student beds today.
Simon Harris will announce today the first-of-its-kind deal to ramp up development and provide more student accommodation.
The Irish Independent reports the low cost housing will cost €434 million.
The European Investment bank will provide the state with a 40-year €200 million loan for the accommodation project.
The initiative will provide long-term financing to support both the construction of new energy efficient accommodation and also the renovation of existing buildings.
The European Investment Fund backing is expected to reduce financing costs for universities and enable lower monthly rents for students.
Previously, universities had to fund beds themselves but now the state will for the first time be able to invest in student housing.
According to the Independent, when the Minister for Higher Education is expected to say that every student accommodation bed built would free up private rental accommodation in cities and towns.
