Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

The intention of this Bill, therefore, is not to replace that delivery but to supplement it and give a greater quantum above and beyond the existing targets. I think on this we agree.

I also wish to address the issue of rising costs. One of the big costs for many developers at present is finance, and one of the problems developers have with finance is the level of risk involved. If a developer has banked 20%, for example, of the units as Part V, that reduces the risk, reduces the cost of finance and could bring down the cost of delivering the units. Developers will have to make a choice as to the overall prices of the units. In many of the private developments I am looking at, having 10% social, for example, and now 10% affordable, if that is what we could move towards, would ensure that at least 10% of an overall development would be guaranteed genuinely affordable for the working families many of us represent. I think we are on the same page in respect of the supplementary nature of these additional units. The arguments about increasing costs do not stand.

I agree with Deputy Boyd Barrett that this is not a stand-alone policy. He and I have supported many motions tabled by each other's parties to increase the overall quantum of real social housing. The only thing I will say to him is that Part V units are bought at a discount. The Department has given us the figures for 2017 and the discounts, broadly speaking, are very healthy, so the units are not being bought at market prices. There are one or two exceptional projects that are outliers, but the general thrust of Part V is still significant discounts because the units are not being bought at the open market value of the land. I will share those figures with the Deputy if he is interested.

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