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The functions of HBFI are set out in Section 7 of the HBFI Act:

  1. HBFI may lend money for the purpose of funding residential development in the State, provided that such lending shall be on commercial terms.
  2. In lending money under subsection (1), HBFI shall –
    1. take into account all of the risk factors relevant to such lending, both in respect of the residential development concerned and the business of HBFI, and
    2. aim to –
      1. contribute to the economic and social development of the State, and
      2. enhance the competitiveness of the economy of the State.
  3. In complying with its obligation under subsection (2) (b) (i), HBFI shall have regard to the policy of the Government relating to housing.
  4. HBFI shall have all such powers as are necessary or expedient for, or incidental to, the performance of its functions.

Under the Home Building Finance Ireland Act 2018, the NTMA assigns staff and provides business and support services and systems to HBFI.