CORK City Council is looking towards Europe for funding to help deliver mass housing projects.
Officials at City Hall have confirmed that European Investment Bank (EIB) funds may be sought to assist in the delivery of housing projects in an expanded Cork City, following the approval of a boundary extension.
With the city boundary set to be extended this year, Cork City Council will now have access to vast amounts of brown and greenfield sites, enhancing the potential for development in the area.
Following the news that Limerick City and County Council has tapped into some €85 million in EIB funds for urban regeneration, Cork City Council has received a number of calls to do the same.
Officials are confident that the wide range of office and retail developments in the city, such as Navigation Square and 85-86 South Mall, are proof that the private sector will give the city a major commercial lift.
However, Pat Ledwidge, deputy chief executive at Cork City Council, said that EIB funding may be sought for housing projects throughout the city.
"We need EIB funding for housing, infrastructure and, potentially, investment in the private property market," he said.
"We are fortunate that the private sector has shown significant interest in the regeneration of the city centre here, targeting unused sites and proposing developments.
"We don't need EIB funding for urban regeneration like Limerick has sought, but it could be used to tackle the issues in our housing supply."