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

Of course the Minister failed to answer the question. It could be that he does not understand the details of his scheme or it could be he does not want people to know how it works. Let me remind him. For one of the three-bed terraced units in Shanganagh Castle - a scheme he launched so enthusiastically very recently - the full cost if the purchaser wants to own the home outright is €550,000. It did not cost the LDA €550,000 to deliver that home. In fact, it probably cost about €100,000 less, particularly given that there are no developer's margin or market land values. If the LDA is delivering that affordable home for €450,000, why is the Minister asking the purchaser to pay an extra €100,000 if they want to own it outright? He is charging them the open market value, as set out on the council's website, rather than the all-in development cost. If he used all-in development costs and applied the affordable housing fund, that home could actually be sold at €350,000, not the €450,000 entry price set out in the reply. It is still not affordable enough, but my question is why the open market value rather than the cost of delivery applies. It is a simple question.

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