Oireachtas Joint and Select Committees
Thursday, 1 June 2023
Public Accounts Committee
Appropriation Accounts 2021
Vote 34 - Housing, Local Government and Heritage
Local Government Fund Account 2021
2021 Report of the Comptroller and Auditor General
Chapter 6: Central Government Funding of Local Authorities
9:30 am
Mr. Graham Doyle:
We are trying to build a pipeline across the various streams. It was very much a standing start. Very high and ambitious targets were set for the early years, so we are trying to build a pipeline of delivery across the various streams. First home seems to be going very well now. Affordable purchase, and bringing the local authorities back into that space after many years, they are trying to build that pipeline. Cost rental started very well, and it was very well received where projects were delivered. As I said previously, it has become more challenging because of the very high increase in build costs and in interest rates, which affect the modelling around how these schemes work. Ultimately, we want to try to get 25% below market rates. That is the challenge. One can deliver cost rental, but it depends on how one defines it. We try and define it in terms of affordability, and trying to achieve a rent of 25% below the market rate.