As the Deputy well knows, student accommodation is addressed through capital. The Government made clear on budget day, in advance of budget day and in a previous Government decision that in the national development plan, NDP, the uplift and extra funding in capital would be dealt with through the NDP review process, which is due to conclude around the end of the year. That will be an opportunity to try to progress a number of important student accommodation projects and I am actively working with colleagues across government, including the Minister for Housing, Local Government and Heritage, on a number of exciting initiatives.
The Deputy and I agree we need to increase both the supply and the affordability of student accommodation and to recognise, as I do, that it is a significant challenge for students, parents and families. That is why we have changed the policy on student accommodation since last November. Until then, the State was investing zero euro and zero cent in direct funding for student accommodation. It was being done through the private market or through colleges, by borrowing or accessing the European Investment Bank, EIB, or in other ways.
We are now, rightly, using taxpayers' money to fund projects and get them going and, as we have discussed previously, that means projects in Dublin City University, DCU, Maynooth University, the University of Limerick and the University of Galway. Students have gone back to college this year with about 900 additional student accommodation beds owned by colleges that opened this year compared with last year, and with about 2,000 more private beds this year than last year. Furthermore, the budget helps with the affordability aspect by expanding the rent tax credit. In addition, after meeting students’ unions, I recently approved an additional €440,000 to the student assistance fund, specifically targeted at students who are experiencing difficulty with the cost or availability of student accommodation, and that has been disbursed across the universities, which I hope and know will help in a meaningful way.
The Deputy will have seen the benefit of the 674 beds that are being delivered for University of Galway, but we are absolutely determined to do more at pace on student accommodation. There are significant opportunities for University College Dublin, UCD, and Trinity College Dublin, in particular, and more for DCU, and I will be happy to work with the Deputy in the context of the NDP review.