The Programme for Government confirms the priority to increase the supply of social and affordable homes. In the first instance, it is a matter for housing authorities to bring forward optimum proposals for the delivery of housing on their sites maximising the potential from the suite of delivery mechanisms and Exchequer funding streams available from my Department.
Supporting these commitments, Budget 2021 provides a record €3.3 billion for the delivery of housing programmes. This represents an increase of €641m or 24% on 2020. Overall 50,000 new social homes are planned for delivery over the next 5 years, 12,500 of which are targeted for delivery next year including 9,500 new builds.
I am also providing Capital funding of €468 million specifically to cover affordability measures including two new affordable housing schemes - the Affordable Purchase Shared Equity Scheme and the Cost Rental Equity Loan Facility. These will build on existing schemes to provide more affordable homes to purchase and rent in 2021. The Services Sites Fund is also being expanded and accelerated to help local authorities deliver up to 6,200 more affordable homes from their land.
Taken together, this will see a fundamental refocusing towards the delivery of social and affordable housing working with local authorities and other delivery partners.