Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The LDA was established on an interim basis in 2018 by way of an establishment order, pending the enactment of primary legislation, when it will be established as a commercial State agency - a State-owned developer. Once the primary legislation is in place, equity funding of €1.25 billion will be made available to the LDA through transfers from the Ireland Strategic Investment Fund. The investment will effected through a subscription of share capital in the LDA by the Minister for Housing, Local Government and Heritage, and the Minister for Public Expenditure and Reform. It is intended that the LDA will have the ability to borrow up to €1.25 billion to fund its activities but this borrowing limit is now under review in the context of the development of the Housing For All document. On establishment, the agency will have access to an initial tranche of eight sites that have near-term delivery potential for 3,400 homes. Significant preparatory work related to these sites is under way, with feasibility planning and other work under way. That includes the Central Mental Hospital site in Dundrum; Hampton, Balbriggan; Hacketstown, Skerries; Devoy Barracks in Naas; the former Meath Hospital in Dublin City Centre; St. Kevin's Hospital in Cork; Columb Barracks in Mullingar; and Dyke Road in Galway.

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