Dáil Éireann Debate, Thursday - 8 September 2022
621. Deputy Sean Sherlock asked the Minister for Housing, Local Government and Heritage if he will provide an update on increased funding capacity for the Land Development Agency for strategic development of public lands for affordable and social housing in city and town centres under Housing for All. [43336/22]
Amharc ar fhreagraHousing for All provides a new housing plan for Ireland to 2030 with the overall objective that every citizen in the State should have access to good quality homes through a steady supply of housing in the right locations, with economic, social and environmental sustainability built into the system. The Land Development Agency (LDA) is at the heart of this plan, advancing its remit to develop land, including public lands, for housing or other purposes.
The enactment of the Land Development Agency Act, 2021, providing for the establishment of the LDA as a commercial State Agency, marked an historic move to use State lands to provide for housing supply and affordability needs.
The Act provided for the establishment of a new LDA Designated Activity Company (DAC) and the initial capitalisation of the LDA DAC by the National Treasury Management Agency from the Ireland Strategic Investment Fund.
Housing for All recognised that additional resourcing, likely to be in the form of borrowing, will be required to meet the increased level of activities envisaged under the plan. Approximately €1 billion will be required to assist in funding the pipeline of housing, including on additional State lands, and accelerated housing through Project Tosaigh.
This additional funding will bring the total capital available to €3.5bn, positioning the LDA as a very significant State-owned participant in this sector.
