The Social Democrats have proposed the Homes for Ireland Savings Account (Hisa), aiming to offer higher interest rates to savers while directing funds towards affordable housing. The proposal highlights the €160 billion in current deposits, urging that most accounts provide minimal interest. The Hisa model is inspired by France's successful savings scheme, which funds social housing projects significantly. The initiative intends to mitigate the government's tendency towards build-to-rent developments and encourages public investment into affordable housing through a state-backed savings mechanism.
The proposed Homes for Ireland Savings Account (Hisa) aims to incentivize savers with higher interest rates, exempting them from Deposit Interest Retention Tax, thus promoting affordable housing investment.
The Social Democrats criticize the Government's focus on build-to-rent homes and advocate for a new savings scheme to redirect deposits into affordable housing projects.
Modelled on France's 'Livret A', the Hisa could transform how deposits fund social housing in Ireland, potentially establishing a cultural institution similar to its French counterpart.
Under the proposed scheme, up to €25,000 could be saved per account, making it easier to generate necessary funding for adequate and affordable housing solutions.
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