Dáil Éireann Debate, Tuesday - 2 December 2014
110. Deputy Thomas P. Broughan asked the Minister for the Environment, Community and Local Government if legislation will be prepared by his Department to develop the off-balance sheet vehicle to provide some of the social housing provision pledged by the Government over the next three years in budget 2015. [45867/14]
View answerThe Social Housing Strategy 2020, approved by Government and published last week, builds on the provisions contained in Budget 2015 and sets out clear, measureable actions and targets to increase the supply of social housing, reform delivery arrangements and meet the housing needs of all households on the housing list. The total targeted provision of over 110,000 social housing units will address the needs of the 90,000 on the housing waiting list in full, with flexibility to meet potential future demand. The Strategy builds on the projected delivery for 2015 and commits to providing 35,000 new social housing units over the period to 2020, at a projected cost of €3.8 billion, marking a fresh start for social housing in Ireland. The strategy will be delivered in two phases. Phase 1 targets the delivery of 18,000 additional housing units and 32,400 Housing Assistance Payment (HAP) and Rental Accommodation Scheme (RAS) units, by the end of 2017. In phase 2, spanning the years 2018 to 2020, the strategy targets the delivery of 17,000 additional units and 43,000 Housing Assistance Payment (HAP) and Rental Accommodation Scheme (RAS) units.
The Government has already committed to increased Exchequer funding to underpin delivery during the strategy’s initial phase, through the €2.2 billion announced as part of Budget 2015. The provision of this funding will allow time for the work to be carried out to move towards more off-balance sheet funding, through the extension to the NAMA Special Purpose Vehicle (SPV), a large scale Public Private Partnership (PPP) and the establishment of a ‘Strategic Housing Fund’.
The strategy provides a clear governance structure, which as Minister I will personally oversee, to ensure delivery of all actions. Action 6 in the Strategy relates to the establishment of a finance working group to progress, inter alia, off-balance sheet funding mechanisms. This working group, which will be established without delay , will be resourced with appropriate expertise in order to progress the establishment of the ‘Strategic Housing Fund’ and the Public Private Partnership, including the consideration of any legislative requirements that might arise.
