Eoin Ó Broin (Dublin Mid West, Sinn Fein)
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That is good to know. On affordable housing, I am open to the idea of availing of opportunities in the market, subject to value for money, location and proper design style acquiring. The challenge, however, is that at the moment it is virtually impossible to do affordable cost rental as turnkeys in Dublin city or Dún Laoghaire-Rathdown as prices are just too high. Even in O'Devaney Gardens, unless a magic deal is done between the Department and the AHB in question, it will be a struggle. That means that even where there are those acquisitions - essentially they are acquisitions - it pushes the rents up. At Shanganagh Castle, for example, the tender prices have come in at more than €400,000 per unit for construction. That will push the cost rental up to approximately €1,500, higher than it is on Enniskerry Road. Likewise, although raising the affordable housing fund to €150,000 brings down the purchase price, it increases the overall purchase price in the end because the affordable purchaser has to pay back his or her mortgage of €280,000, €300,000 or €320,000 and the €150,000. This is not a criticism of anyone in this room, or of the Department in this instance, but one of the things that is happening is that the ultimate cost of what we are terming "affordable housing" is rising significantly. Affordable rental projects in Dublin city or Dún Laoghaire-Rathdown could come at €1,500, €1,600 or €1,700 per month, which is going to cause difficulties for delivery. Likewise, for affordable purchase the all-in cost to the purchaser will exceed €400,000. Is that not the reality of what we have been discussing?