Dáil Éireann Debate, Thursday - 15 February 2024
127. Deputy Barry Cowen asked the Minister for Housing, Local Government and Heritage his plans for the long-term sustainable funding of the Land Development Agency; and if he will make a statement on the matter. [6800/24]
Amharc ar fhreagraThe Land Development Agency's (LDA) Business Plan 2024-2028, plans to deliver approximately 14,000 homes over its lifetime. To deliver housing on this scale requires a significant increase in funding, due to an increase in ambition and a change in the balance of affordable and social housing relative to market rate housing to be delivered by the LDA.
To provide support for the delivery of affordable, social and cost rental homes in the short to medium term, the Government have agreed to provide the LDA with an additional investment of €1.25 billion from the Ireland Strategic Investment Fund as well as identifying a further €1.25 billion from other sources. This commitment will ultimately enable funding of up to €5 billion for the LDA.
A sub-committee of the Housing for All Investment group has been formed to determine the appropriate longer term funding structure of the LDA. This group will consider a broad range of financing options for the Agency, including the role of debt, additional public funding and the use of self-generated income by the LDA.
My priority is to develop a secure and sustainable funding model for the LDA to allow it continue its crucial work developing housing on relevant public land and other land acquired by the LDA and working with the private sector to deliver social and affordable homes through Project Tosaigh.
