4 Billion Per Year Housing For All Plan
The Government have announced there new 4 billion per year housing for all plan to help tackle the current housing crisis in Ireland. There new plans include the aims to build 300,000 new homes in Ireland, there plans are to ramp up the supply of housing in hopes to tackle the housing crisis which includes a pledge to end homelessness by the end of the decade.
The cabinet met on the 2nd of September to sign off on the plans which were officially announced by Darragh O’Brien the Minister of Housing alongside Taoisech Micheal Martin, Tanaiste Leo Varadkar and Green Party Leader Eamon Ryan.
The plans for the 300,000 new homes were announced with the first 90,000 homes to be deliverved as social housing, with an additional 36,000 affordable properties over the next 9 years. 18,000 of these new homes will be designated cost rental which means the rent will be at least 25% less that the current market rent. The remaining 156,000 or 52% of the houses are to be delivered through the private housing market.
The LDA (Land Development Agency) are tasked with delivering housing on state owned land. There will also be 500 million of an initiative fund to encourage both private developers and local authority’s to make the development sites viable. The plan will initially be funded over the next five years to the tune of €20.5 billion, including €12 billion in direct exchequer funding, €5 billion provided through the Housing Fianance Agency and the €3.5 billion from the LDA.
Sources say that 4 billion in funding would be maintained bringing which would total to 36 billion in spending by the end of 2030.