As I have already explained in my written answer to parliamentary question 42703/17, the Social Housing Current Expenditure Programme provides a means whereby properties can be built or bought by Approved Housing Bodies (AHBs) with the combined use of State and private funding, and leased by AHBs and Local Authorities from private providers, for the provision of social housing. This scheme is underpinned by a lease and other legal agreements. These provide that rental payments are made by the State over an agreed long-term time period, typically 20 years. In return, the housing unit is made available for social housing purposes.
Rental payments from Local Authorities to AHBs are classified as general government expenditure in accordance with the European System of Accounts (ESA 2010) and are recognised annually as the service (i.e. the rental properties) are made available annually throughout the contract. The liability inherent in the original lease contract is not recognised upfront and it is not classified as debt.