A new company has been launched in Cork in a bid to support residential development and to help bring housing targets to fruition.
The Housing Infrastructure Services Company (HISCo), a joint venture between Cork County Council and the Ireland Strategic Investment Fund (ISIF) is based in Cork and while it will work with developers across the country, the initial focus will be in Cork county while it scales up in bringing new developments to the market.
Speaking at the launch of HISCo, CEO Niall Morrissey said the company has an innovative approach to the delivery and funding of infrastructure.
“The financing and provision of infrastructure for new properties can pose a challenge for many developers. Our company delivers an efficient, cost-effective solution to help alleviate that challenge. Ireland is being rebuilt and HISCo wants to play a role in the future provision of residential development.
“The board of HISCo has the experience and skills to work with the industry and ensure consistent and high-quality infrastructure.
“The unique element of the HISCo model is the facility to defer repayment until a developer is generating income which should also avoid unnecessary project delays often caused by budgeting issues, labour challenges, project management and a lack of necessary infrastructure,” he said.
The Covid-19 pandemic has impacted on the number of housing completions in 2020, with the latest CSO figures showing a fall of almost 9% year-on-year.