Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

I thank Mr. O'Leary.

I have two questions for Mr. Jordan on that. Obviously, there have been problems in some parts of the country with the capital advance leasing facility, CALF, and the payment and availability agreement, particularly because it was erroneously, in my view, originally linked to market rent rather than full cost recovery. Would it not make more sense in the review of the payment and availability agreement portion of the funding to link it to full cost recovery so that it is not tied to an arbitrary market rent but to the actual cost of delivery?

Obviously, the biggest problem with CREL turnkey is in Dublin city centre because the HFA cannot afford anything and cannot get the 25% discounted market rents. Realistically speaking, even if the HFA were to fund some new builds, local authority or AHB direct delivery, it would be three or four years before they would be ready to move into because of the longer development cycle for apartments. That means that turnkey units will predominate, not necessarily for approvals but for delivery for the next three to four years. Is there any hope of getting any affordable cost rental through CREL turnkeys in Dublin city with the current rate of CREL that is on offer? Are the HFA and Government looking to align a variable rate of CREL with the variable rate of the affordable housing fund, for example?