Alan Dillon (Mayo, Fine Gael) | Oireachtas source

I thank the Deputies for their contributions. I am glad there is no dissent or opposition to the amendments being brought forward.

The additional funds will secure the delivery of the LDA's 2024-28 business plan, under which there is projected delivery of up to 12,900 homes by 2028. A large pipeline of further direct delivery homes is being developed for completion in the period from now until 2028-29, with major projects at various stages from design to planning and pre-construction. This pipeline currently includes more than 10,000 homes and will involve a heightened level of construction on State lands.

Project Tosaigh aims to complete the development of housing projects on private land which has planning permission but where delivery has stalled due to viability or affordability levels. Through this initiative, subject to funding, the LDA expects to deliver up to 8,000 homes by 2028, in addition to those planned for delivery on its existing portfolio of State-owned land and other acquired land. This additional funding will allow the LDA to enter into required commitments to secure the delivery of these direct delivery and Project Tosaigh homes over the lifetime of the business plan. The Land Development Agency Act originally provided up to €2.5 billion in capital for the LDA, which comprised funding of €1.25 billion from the Ireland Strategic Infrastructure Fund and an additional €1.25 billion of borrowings.

To support the significant increase in the ambition of the LDA, which is envisaged under Housing for All, to deliver 12,900 homes under the lifetime of the plan, we need to ensure we can provide additional capital in that regard. In March, an additional €2.5 billion was allocated, comprising €1.25 billion from the proceeds of disposable and direct investment held by the National Treasury Management Agency and an additional €1.25 billion that was raised by the LDA through the performance of certain functions to the provisions of cost-rental affordable accommodation. Also, to implement the budget 2025 decision to provide a further €1.25 billion from the LDA, the Government has introduced another amendment to the NTMA Act to provide for this. The further €1.25 billion will be from the proceeds of the disposal of direct investment held by the NTMA. The additional capital in budget 2025 will ensure the LDA has access to a total of €6.25 billion in capital and, most importantly, it is well positioned to provide affordable and cost-rental housing in communities throughout Ireland and to support the delivery of the national planning framework well into the lifetime of the 2028 to 2029 business plan.

To date, the LDA has drawn down €1.25 billion from the Irish Strategic Investment Fund, where €100 million was established in March 2021, with €250 million in February 2023, €275 million in April 2023, €300 in November 2023 and €325 million in May 2025. The LDA is yet to avail of its borrowing powers.

Deputy Boyd Barrett talked about what has been delivered, achieved and committed to. In 2023, the LDA delivered 650 cost-rental and 200 affordable homes in Cork, Dublin, Waterford, Wicklow and Meath. To date, in 2024, the LDA has delivered 690 homes through Project Tosaigh and is also in partnership with local authorities on lands such as Shanganagh where the first 246 affordable homes, of which 195 are cost rental and 51 affordable purchase, were launched in September. A further 35 social housing units are to be completed by the end of the year.

The Government is making legislative provision for the LDA to access the €6.25 billion in capital, which will be split between equity capital, debt and other sources relating to the performance of certain legislative functions relating to the provision of both cost-rental and affordable accommodation, the development of public lands, provision of socially integrated housing, and engagement with local authorities. The business plan is currently in line with prevailing market conditions and the wider economic context but also further funding needs of the LDA. That will be kept under continuous review by officials on the future funding working group and the Housing for All investment subcommittee. We will do everything possible to ensure that the LDA is adequately resourced and continues its essential work.

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