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

On the first part of Deputy Ó Broin's question, if we examine the different schemes in place now, we are talking about delivering about 29,000 affordable homes. That is growing and work is happening in the Department to build that pipeline out. I refer to a pipeline similar to what is in place for social housing targets under the Rebuilding Ireland programme. We are going to do that. We are going to have targets for local authorities for the delivery of affordable homes to purchase and to rent. It will draw in the schemes currently in operation. That is happening now and it is going to be more ambitious than the 29,000 affordable homes currently in the system.

I turn now to cost reduction for renters. On cost rental we are talking about 15% to 25%, depending on how the scheme has been funded, what land was used, the interest rate at which the finance was secured and other factors that also play a part. That will be over the lifetime of a person's tenancy, whether that is five, ten, 15 or 20 years.

In our models, the cost reduction with respect the market rent grows to about 40% over time because the market rent continues to increase at market rates while the cost-rental rent does not. It may be linked to the consumer price index, CPI, or perhaps another much lower metric. We are trying to provide rent certainty over that period.

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