John Deasy (Waterford, Fine Gael)

The Minister of State referred to the shared ownership scheme, which is germane, so it might be appropriate at this point to mention the progression of a particular element of housing policy dealt with while this Bill has been making its way through the Oireachtas. I refer specifically to the long-term leasing arrangements with which the Minister of State and his officials are dealing and which they are finalising for local authorities in Waterford and elsewhere.

When I spoke on the Bill, I made reference to the 20% social and affordable housing provisions and my strong belief that the measure has been innovative and effective, not just from the standpoint of housing but also from that of social inclusion and integration. I understand a number of circulars regarding long-term leasehold arrangements between local authorities, voluntary groups and developers are being drafted and finalised. These measures are timely and demonstrate the necessary flexibility considering the economic times in which we find ourselves.

I thank the Minister of State, Deputy Finneran, for considering and developing the approach to long-term leasing. The bottom line is that the money is not available to build units in the traditional manner so we need to figure out alternative methods to finance the construction of local authority housing and, in doing so, start money moving around again in the local economies. All one need do is look at the Standard and Poor's report that came out yesterday which highlights the stark situation with regard to our housing market. It is good there has been a development and an extension of the N3 circular that came out late last year or early this year. The different long-term leasing arrangements being drawn up constitute a significant shift in Government policy.

I thank the Minister of State for considering and adopting these approaches and I look forward to their implementation over the course of the next few months. I know that view is shared by local authority officers dealing with housing throughout the country. I also thank the officials for briefing me on this issue.

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