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Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Steven Matthews: .... I might have put this question to Mr. Coleman previously. I definitely asked it in the committee previously. Does he think we have more work to do to try to explain, advertise and encourage cost rental and to give a greater understanding of what it is? To my mind, it is long-term, secure tenure rental at affordable rates. It is well designed in good quality neighbourhoods with...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

...have discussed and met with other parties in Europe, in particular in Vienna, to understand where their successes have come from and what has made the difference. In Vienna and other areas, cost rental, or versions of it, are very much the norm. It is accepted and understood. Given the large scale in these other jurisdictions, it takes a number of decades to establish on the required...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Richard Boyd Barrett: To follow on from Deputy Gould's question and my own earlier question, I am worried about the levels of rent in cost rental. The statement Mr. O’Rourke made about 75% being what the LDA will deliver as cost rental concerns me, as I said. This is land that, if it was developed under the old model, would be 100% income-based rent, based on the differential rental scheme. This is not...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Paul McAuliffe: One of the fundamental tenets of a cost-rental system is that the original costs of constructing the units over the lifetime of the project are used to calculate the rent, including maintenance, sinking fund for repairs and so on. I do not agree with this idea of identifying the rent in advance of the LDA knowing the cost of constructing it. Deputy Boyd Barrett is not actually making the...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Thomas Gould: My final point is that I am concerned about some of the comments today regarding the ten-year mix between affordable, cost-rental and social housing. If I was to be a sceptic or if I was to doubt the Minister or Government, it almost seems to me that the LDA is being structured in such a way as to deliver affordable and cost-rental housing and to leave the provision of social housing up to...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

...earlier, we will do what the Government asks us to do but our current mandate is for 100% of land to be used for social and affordable housing and I am very comfortable with that. Regarding cost rental, and the operation of that facet of our endeavours, how we will do that is not a matter that has yet come to the board. As a modus operandi, I will be looking again at how TII has done...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Steven Matthews: ...of the LDA is of great importance and interest to the committee. The committee spent a lot of time on the Land Development Agency Bill last year, and the Affordable Housing Bill, which brings cost rental into legislation for the first time ever. Many of us have worked long on this to see it in legislation. Mr. Coleman had said previously that the LDA would concentrate on cost rental,...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Eoin Ó Broin: ...and can then be extended for another ten or 20 years again. That model is used in other European jurisdictions to deliver genuine affordability. Our risk is in the fact that we will deliver cost rental but it will not be affordable cost rental. That is why soft State loans and HFA and EIB loans recoupable after a certain time are key to this. The project will not succeed on a large...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Mr. Cormac O'Rourke: As I said to the Deputy earlier, we cannot tell him what the cost of cost rental will be. The tenders are still being evaluated and they still have to go through approval with the Government, so I cannot tell him that. I have been in and around engineering and construction for most of my life. Until somebody agrees to build something for a price, we have no guarantee...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Thomas Gould: Okay. With regard to cost rentals, one of the arguments other members of the board and I have been putting up is that affordability should be based on a person's income and not a reduced rate on the market value. Mr. O'Rourke might give us his thoughts on that. We believe that for a property to be truly affordable, it would be based on a person's ability to pay. If market value is used to...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

.... Construction costs are an issue for everyone in the industry. I outlined in my statement where we potentially see how we could help to drive them down. My understanding is that in cost rental the more we drive those construction costs down, the better the deal will be. That is our role and the Minister has outlined a target price for us in Housing for All. In relation to...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Richard Boyd Barrett: ...the LDA to whom Deputy McAuliffe referred. I am very concerned about the announcement today and about particular elements of Mr. O'Rourke's opening statement in that he referred repeatedly to cost rental and affordable housing on public land. He made no reference to social housing other than previous work with approved housing bodies. This confirms my worst suspicion that Government...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Richard Boyd Barrett: Perhaps Mr. O’Rourke or Mr. Coleman will comment on it. This really is the truth about cost rental, namely, we cannot control the rents for cost rental on public land. We cannot control them because they are linked to the cost of construction and the LDA does not know what the cost of construction is going to be and it is dependent on the market to dictate that. That is a...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Mr. Cormac O'Rourke: There is quite a lot to go through there. The cost rental split is based initially on what we see in regard to each of the sites we have in development. It is very much a preliminary number. We will be very much guided by the housing needs assessment of the local authorities. As the Deputy knows, the local authorities are the housing authority within their own areas....

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

...more about that. We are on the same page with regard to how the State interacts with us and manages things like amortisation. I was very interested to read the Housing Agency's report on cost rental in other cities and even in places as sophisticated as Helsinki. In those cases, the loans are not fully amortised when things like life cycle renewal costs begin to kick in and even these...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Mr. John Coleman: No, the figures are as stated by Mr. O'Rourke and Deputy Boyd Barrett. There are to be 200 social homes, 306 cost-rental homes and 91 affordable homes, as agreed with the members of Dún Laoghaire-Rathdown County Council. We are sticking to that.

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Paul McAuliffe: Can I clarify Mr. O’Rourke's answer? He said he could not give the information until we knew the cost of the cost-rental apartments. It would be preposterous to suggest that we could give an indication in advance of the costs being known.

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

...the burden of the affordable housing. When it is transferred to us, the cost of land is substantially less than the market sector can access, so that cost benefit is passed through in the cost-rental model. On the extent to which other policy-driven items are passed through, again, as I said, we are discussing those with the Government and we will be told what it would like us to do and...

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Steven Matthews: ...is not something the LDA will be engaged in. What Mr. O'Rourke said as well is that the cost of land coming to the LDA will have a positive impact in driving down prices to make housing, and cost-rental housing, affordable. It is a good NESC report.

Joint Oireachtas Committee on Housing, Planning and Local Government: Land Development Agency: Chairman Designate (20 Jan 2022)

Cian O'Callaghan: ...delivery of traditional houses and not apartments? If he is talking the speedy delivery through traditional houses, does that include duplexes or what is the situation there? In regard to cost rental and the working assumption of the 75%, Mr. O'Rourke might explain to us where that working assumption is coming from. I appreciate the need for local input in regard to local housing...