Mr. Paul O'Neill:

I thank the committee for the opportunity to speak to today’s meeting. I am head of financial advisory at the National Development Finance Agency, NDFA, and I am responsible for the agency’s financial advisory roles in the housing sector. I am joined by my senior colleague, Mr. Gerard Cahillane, deputy director. To assist the committee in its discussion on the topic of affordable housing, I welcome the opportunity to address its questions and give it clarity on the nature of the NDFA’s role in the schemes currently under way.

The NDFA is providing financial advice to a number of local authorities seeking to develop housing schemes on their lands. Its role is twofold. First, it is to undertake financial modelling in respect of potential schemes. This work is undertaken pre-procurement to assist each local authority in determining tenure mix options for the sites in question. It also provides financial advice during the procurement phase. This entails providing advice on the tender documentation and development agreement contracts, undertaking financial robustness assessments and performing the financial evaluation of submitted tenders.

On affordable housing specifically, the NDFA is assisting Dublin City Council and Fingal County Council on a number of schemes under way. These are O’Devaney Gardens in Dublin 7, where final tenders have been received, with 20% proposed for affordable purchase; Oscar Traynor Road in Coolock where dialogue with short-listed candidates has commenced, again with 20% proposed for affordable purchase; St. Michael’s Estate in Dublin 8 where outline design is under way, with 70% proposed for affordable rental; and Ballymastone, Donabate, County Dublin, where dialogue with short-listed candidates has commenced, with 20% proposed for affordable purchase.

All policy matters relating to affordable housing fall under the remit of the Department of Housing, Planning and Local Government. The NDFA has no role in determining affordable housing policy. Our objective is to assist as many local authorities as possible in support of housing delivery across the country. In relation to affordable housing, this is taking the form of affordable purchase and affordable rental.

I trust this clarifies the extent of the NDFA's involvement in affordable housing to date and we look forward to assisting the committee this morning.