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

On the timeline for St. Michael's Estate, we are talking about the project team being fully in place, Part 8 planning in November 2018, project funding to go to the European Investment Bank, EIB, which has said the project is eligible, for December of this year, and construction procurement in quarter 1 of next year. We then go to expressions of interest, also in quarter 1 of 2019, with construction beginning later in the year.

When we talk about income limits around our cost rental project, what we are talking about is a reduction off the current market rent of 15% to 25%, depending on the site. The income limits will be the same as those which applied to the affordable purchase scheme, namely, €50,000 for an individual and €75,000 for a couple.

The Deputy referenced the rent index report we saw today. It is clear that people are paying too much for rent and that rents have to be better controlled. One of the positives we saw is that one in four rent agreements entered into in the last quarter were for more than 12 months. We are seeing some stability in that regard but we need to see more, and longer-term leases. That is what cost rental can deliver but other measures can deliver it as well.

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