Michael Finneran (Roscommon-South Leitrim, Fianna Fail)

In April 2010, my Department advised housing authorities of revised arrangements for the funding of land used for social housing and sought information from them on local authority residential land holdings for the purpose of ensuring the optimal use of the lands in question.

Where loans are due to mature before the end of 2010 and where it is considered that the land involved is unlikely to be developed in the short to medium term, authorities have been given the option to apply to my Department to recoup the cost of outstanding loans on the land. Subject to available funding my Department may pay off the costs of the land and transfer ownership to a central agency. Functions in relation to the transfer of land in these particular circumstances will initially be undertaken by the National Building Agency. Some land banks may continue to be available for social housing if housing projects are advanced by authorities under the social housing investment programme, while others may be made available for alternative use, including non-housing and community infrastructure purposes.

See this speech in context