Eoin Ó Broin (Dublin Mid West, Sinn Fein)

I thank the witnesses for their presentations. Excuse the frustration in my voice but some of the ways in which the information from the Department is being presented to the committee are not factually accurate. In fact, I would argue the information is misleading. It is not true to say that targets are being met or exceeded. In every year since 2022, cost-rental targets and affordable purchase targets have been missed. Last year, the cost-rental target was missed by 16% and the affordable purchase target, which Deputy McGrath rightly raised, was missed by 61%. Approvals for the first home loan are not the same as purchases. The number of properties purchased through that - in my view - very controversial scheme is far lower than approvals. We have to get to a stage where the data on affordable schemes is accurate in the way it is on social. It is still not being presented accurately. I know Ms Behan does not get to make the decisions and I am not picking on her but it is really frustrating. The Government is missing its target and to tell the committee it is meeting and exceeding them simply is not true on those key schemes.

The questions I want to ask are on the other really concerning bit of the affordable housing schemes, which is they are increasingly not affordable. That applies both to the affordable purchase scheme and to the cost-rental scheme.

On my first question, one of the things a lot of people do not understand is that, when the pricing for the affordable purchase schemes is being determined, there is an open market valuation. It is not actually the cost of delivering the unit but just an open market valuation. Even when the cost of delivering the unit is significantly lower than the open market valuation, that is where the pricing starts. For example, where Glenveagh was working with Dublin City Council, the open market valuation for a three-bed unit was €500,000. However, the actual delivery price of that unit was below €400,000. Why is open market value being used when it artificially inflates the price, meaning the purchaser gets less of a discount? Why is open market value being imposed on the local authorities in delivering these homes?