Alan Dillon (Mayo, Fine Gael) | Oireachtas source

There are two parts to the Housing (Miscellaneous Provisions) Bill 2024. The first relates to the amendments to the Housing (Regulation of Approved Housing Bodies) Act 2019 and the second relates to the amendments to the Affordable Housing Act 2021. A Seanad Committee Stage amendment was brought by the Government and passed in the Seanad on 16 October 2024. The Bill has now been recommitted to the Dáil for approval of this amendment. The amendment being brought before the Dáil today will amend section 42B(3A) of the National Treasury Management Agency (Amendment) Act 2014. The purpose of the amendment is to increase from €1.25 billion to €2.5 billion the amount that the Minister for Finance may direct the National Treasury Management Agency to pay the Land Development Agency for the process of the disposal of direct investment. The Land Development Agency Act originally provided for up to €2.5 billion in capital for the LDA. On foot of the significant increase in ambition for the agency envisaged in Housing for All, the LDA's business plan from 2024 to 2028 plans to deliver 12,900 homes over the lifetime of the plan. This increased ambition was identified as requiring an increase in funding for the agency.

In March 2024, the Act was amended to provide an additional €2.5 billion of capital. To implement the budget 2025 decision to provide for a further €1.25 billion from the proceeds of the disposal of direct investments held by the NTMA, the Government has introduced this amendment to the National Treasury Management Agency (Amendment) Act 2014. The additional equity funding provided for in budget 2025 will ensure the LDA has access to a total of €6.25 billion in capital. I thank Deputies for their consideration of this Bill over the past number of weeks and look forward to progressing this amendment this evening.

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