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

As regards the cost rental model, one must consider the different affordability measures we are trying to progress. For example, we wanted to have a cost rental model on the O'Devaney Gardens site but when we ran the numbers it transpired that affordable purchase was a better way to go, so we prioritised affordable purchase as part of a mix of social and private housing on the site. People understand the idea of cost rental but that does not mean it is simple to implement on individual sites. That is why we are working with the European Investment Bank, which has many years experience of cost rental. We have prioritised the affordable purchase scheme because we know it can work as it has so well already in this country on the sites where it has been done. We now need to do implement it on a larger scale.

Deputy O'Sullivan mentioned the figure of 700 sites, but those 700 sites are public or LIHAF sites. There are currently 29 sites and there will be 30 once Adamstown gets over the line, which will happen this week or next. Of the 29 sites, it is important to note that the decision to move them from the 40% affordable housing was because it was seen as a cap for developers into which they were not necessarily going to buy. As we got into certain difficulties with developers, they moved away from the process, which either meant the sites would not soon be opened up or we would not have any affordable homes thereon. Thanks to the LIHAF funding, as set out in the figures I gave to Deputy Boyd Barrett, the 29 sites will deliver 18,000 homes, of which 50% will cost below €320,000, 4,000 to 4,500 will be social and affordable and over 5,000, separate to the social and affordable, will have a LIHAF discount, while the rest will be sold at market prices. The delivery of those houses is progressing very quickly. A small amount of money was drawn down from LIHAF in 2017 but that will ramp up quite quickly in 2018 because I signed all those contracts in the latter half of last year.

Limerick is not being left out. The Rebuilding Ireland home loan scheme and the affordable purchase scheme are very much for Limerick. I had a fantastic opportunity to visit the Lord Edward Street developments and a number of other developments with Deputy O'Sullivan, which are absolutely the right way to progress in terms of rebuilding our country in a sustainable way, not just building a home but a community and a place. Limerick is very much part of that and has an advantage because it is doing so well. I have every faith in it, as a local authority, to be able to take advantage of these schemes.

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