Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I will speak on amendments Nos. 1 to 3, inclusive, and amendment No. 32, which have been grouped for discussion. These amendments dealing with a miscellaneous amendment and consequential amendments to the Long Title, collective citation and commencement provisions. The miscellaneous amendment inserts a new provision into Part 8 of the Bill. It will amend the Land Development Agency Act 2021 to make provision for the Land Development Agency to raise funds through the performance of certain functions and through measures outlined in the Affordable Housing Act.

Amendment No. 1 is an amendment to the Long Title of the Bill to ensure it reflects the amendment to the Land Development Agency Act 2021. Amendments Nos. 2 and 3 amend the collective citation and commencement provisions in section 1 to take account of the miscellaneous provisions being added and the various Acts being amended by the Bill.

Amendment No. 32 inserts a new section 32A into Part 3 of the Land Development Agency Act 2021. It provides for the LDA to raise up to €1.25 billion in additional funding through the performance of certain functions outlined in the Act and through measures outlined in the Affordable Housing Act 2021. It is a housing activation measure. The amendment is necessary to ensure the LDA has adequate access to funds to deliver the 14,000 homes projected in its 2024 to 2028 business plan. In light of the change regarding the market rate and the social and affordable housing requirements of the agency, additional funds will complement the investment of a further €1.25 billion in ISIF funding provided for in an earlier amendment to the Bill. The amendment requires the consent of the Minister and the Minister for Public Expenditure, National Development Plan Delivery and Reform for funds to be raised in this manner. Given the critical role of the LDA and the importance of providing more social and affordable homes, I ask Senators to support the amendments.