I propose to take Questions Nos. 694 and 695 together.
The development of publicly owned residential lands for housing is an absolute priority for this Government and we are working closely with all local authorities on the development of their sites. In the first instance, it is a matter for local authorities to bring forward viable and appropriate development proposals. Of course, it is also a matter for each local authority to manage its own finances in a prudent and sustainable manner. In this context, I understand the Housing Finance Agency works with individual local authorities to find the most efficient way of dealing with each authority's outstanding loans.
The Land Aggregation Scheme was introduced in 2010 to assist in the gradual unwinding of loans taken out by housing authorities to purchase land for the social and affordable housing investment programme where loans were due to mature and where it was considered unlikely that land would be developed in the short to medium term.
An initial appraisal of the sites submitted by local authorities was carried out by the Housing Agency, as well as a due diligence assessment. Applications to the value of some €163 million in loans were accepted into the Land Aggregation Scheme. €111 million of loans were fully redeemed and the remaining €52 million are being recouped in the form of annuity loans. I understand that the site at Mount Avenue was accepted under the annuity arrangements.
Local authorities were advised of the discontinuance of the Scheme, in respect of new applications, in 2013. Notwithstanding this, my Department is committed to supporting local authorities to realise new social and affordable homes from their lands without delay. Sites that are not suited for a full social housing development may be more suited to a mixed-tenure development including social, affordable and perhaps private housing.
There is funding available to support local authorities in terms of the delivery of social and affordable housing from their own lands. Next year, €2.4 billion will be invested in housing and over the four years to the end of 2019, €6.6 billion will have been provided.
It is important that local authorities identify the most appropriate development proposals for each site, taking all of the available funding into account. For example, I understand that the site at Mount Avenue was approved for funding of €3.3m under the Local Infrastructure Housing Activation Fund (LIHAF) for the provision of an access road which will support the initial development of 200 homes, with a potential for up to 1,200 homes on the wider lands.
In order to support local authorities further to prepare their sites for affordable housing specifically, the Government recently committed under Budget 2019 to provide €310 million under the Serviced Sites Fund (SSF). A first call for proposals under the Fund issued to local authorities in Dublin; the Greater Dublin Area (including Louth); Cork and Galway in June 2018, with a closing date for applications of end August. Fifteen proposals were received from nine local authorities under this first call and are currently being assessed. I expect this assessment process to be finalised and an announcement of the first successful bids to be made in the coming weeks. While Louth County Council did not make an application under the first call, further calls for proposals will be made and it will be open to the Council to submit applications at that stage if it considers it appropriate.
