Galway Bay fm newsroom:
Councillors have called for a significant and ambitious increase in loan facilities to fund new housing units in a bid to address the ongoing shortage of accommodation county-wide.
It comes as councillors approved the application for a loan facility of €10 million as part of the Rebuilding Ireland Home Loan Scheme.
The loan is for the purpose of funding loans issued to first-time homeowners.
The loan would be drawn down over a period of 25 to 30 years as required in response to the approval of loan applications.
In late 2018, the council approved the raising of a prior loan for €10m from the Housing Finance Agency.
The meeting heard the loan has been committed and over €6m has been drawn down from the previous €10m loan facility by the end of 2019.
