Significant progress continues to be made on the affordable housing initiative under the Sustaining Progress agreement, with over 50 projects identified at this stage. Construction has begun on a number of sites and a number of other projects have been advertised for expressions of interest which collectively will yield 760 units.
Other than Part V affordable units, no units have yet been completed on the State lands provided to the initiative. It can take a number of years from identification of a site through the various planning and construction processes before units for new housing schemes are finally delivered. However, all projects are being developed as a priority with a view to early delivery of units.
My Department has been examining a number of fast tracking options. One such option is the exchange of land for the delivery of units. In this respect, the Harcourt Terrace site was advertised on 17 November 2004 on a pilot basis. This particular project will be closely monitored with a view to the possibility of using the land swap option for other sites released to the initiative. The sale price of the housing units to be completed under the initiative will be dependent on a number of factors, including the size of the housing unit, its location and the cost of market value units in the area.