Government targeting delivery of 90,000 starter homes over next five years under new plan

"The new plan, which is called 'Delivering Homes, Building Communities', comes as the coalition struggles to get a handle on the housing crisis following a significant slowdown in home building this year. The new plan, which has faced numerous delays, comes almost one year into the Government's term and is expected to be primarily focused accelerating private sector development, increasing the number of social and affordable homes, as well as supporting people in homeless services."

"With €24 billion in both public and private finance needed on an annual basis to massively increase housing supply in Ireland, the government recently moved to cut the Vat rate for apartment buildings in a bid to boost private sector construction in the years ahead amid a slowdown in the construction sector this year. Proposals within the plan include an expanded role for the Land Development Agency (LDA) after agreement was reached with finance minister Paschal Donohoe for an extra €2.5bn in funding for the agency to deliver affordable and cost rental homes. The body will also be charged with acquiring more private and state land to deliver housing as the Government aims for the delivery of 90,000 starter homes over the next five years through a number of equity schemes and the LDA."

Delivering Homes, Building Communities aims to accelerate private sector development, raise numbers of social and affordable homes, and bolster homeless services. The plan aligns with a programme for government commitment to deliver 300,000 new homes by the end of the decade and references prior annual targets of 50,500 rising to 60,000 by 2030. The government projects an annual financing need of €24 billion and has cut the Vat rate for apartment buildings to stimulate private construction. The Land Development Agency receives an extra €2.5bn, will acquire land, and help deliver 90,000 starter homes over five years. Local authorities may receive extra funding for exceeding social housing targets.

Read at Irish Independent