Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

It is important to understand the purpose of the LIHAF funding, which is to have the very large land banks, with over 500 homes per site, opened more quickly and to ensure the public money is returned in a lower cost of houses or an affordable purchase scheme such as I have announced. If one looks at the 1,800 homes which will be built on the 29 sites, on which I have signed off, 50% of them will be sold at less than €320,000. Some 4,500 units will be social and affordable housing, 5,900 units will benefit from a LIHAF reduction, while 7,700 will be sold at market rates. At the end of October 2017, the median price in the greater Dublin area was around €340,000. Thousands of homes will be built - both social and affordable housing - and benefit from a LIHAF reduction, with the remainder being sold at market prices. The Deputy's language is grossly exaggerated. If we consider how we might otherwise have used the €200 million, had we used it directly, we would have only built a few thousands units. In this way we will see at least 18,000 homes being built as private, social and affordable housing. There is a dividend for the State in the provision of 4,500 social and affordable homes, with 5,900 units being sold with the benefit of a LIHAF reduction. Some 50% of the 18,000 homes on the 29 sites on which I have signed off will be sold for less than €320,000.

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