Richard Bruton (Dublin Bay North, Fine Gael) | Oireachtas source

Last week, the Department of Finance published a report that showed forward funding arrangements by the approved housing bodies and the Land Development Agency are now central to the construction of multi-unit developments in Dublin. There are strong funding streams for social housing and cost-rental housing but no funding streams for affordable purchase. This is borne out by the statistics for building in Dublin, with 80% being apartments but only 6% going for purchase by owner-occupiers. That is not the tenancy mix we want to develop in our new cities and towns, nor does it reflect demand. The difference is that with cost-rental the State effectively underwrites the allocation of tenants, whereas with affordable purchase the risk of assembling buyers lies with the funders. We need to either take on the sale of these affordable homes so they can be built or underwrite the risk to those developers.

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