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

The Poolbeg strategic development zone, SDZ, is the last major strategic site for residential development in Dublin city. It has the potential to deliver 3,500 homes, including 10% Part V social homes and over 600 affordable homes. For the development to proceed an agreement is required between Dublin City Council, the Department of Housing, Local Government and Heritage and the developer, the Johnny Ronan group and Lioncor Developments, over the delivery of the affordable homes. Unfortunately the developer paid significantly over the guide price for the land in question and the latest information we have from it is that the all-in development cost per unit of accommodation could end up being somewhere between €600,000 and €700,000. The problem with that is when you match the cost of the units with Government affordable housing schemes, an agreement cannot be reached. If an agreement cannot be reached, not only can the development not proceed but also the communities of Ringsend and Irishtown could lose these much-needed affordable homes. The National Asset Management Agency, NAMA, retains a 20% stake in the development. The only way the affordable homes can be delivered is if NAMA's 20% stake is transferred to Dublin City Council and is used as part of the negotiation between the council, the developer and the Department to reduce the all-in cost so that hardworking families and singles in that part of the city can get genuinely affordable homes.

I know the Minister of State will not give us good news today because he is here to read the script, and I appreciate that. As well as responding formally to this matter, I ask the Minister of State to take back the message from Deputy Andrews and I, and the communities of that part of the city, that both the Minister for Finance, Deputy Michael McGrath, the Minister of State's party colleague, the Minister for Housing, Local Government and Heritage, Deputy Darragh O'Brien, need to talk to NAMA. Given that NAMA will have to dispose of its 20% interest by 2025 anyway, the most logical place to dispose of it is through Dublin City Council. I urge the Minister of State to convey our request for that to happen in order to allow this scheme to develop and proceed.

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