Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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261. To ask the Minister for Housing, Planning, and Local Government the estimated cost to the Exchequer of increasing new build social housing delivery above current targets per 250-unit increments based on current delivery composition per assisted housing body and local authorities, in tabular form. [40267/24]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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Housing for All is the Government’s plan to increase the supply of housing to an average of 33,000 per year over the next decade. This includes an average of 10,000 new build social homes each year in the period to 2030. Housing for All is supported by an investment package of over €4bn per annum, through an overall combination of €12bn in direct Exchequer funding, €3.5bn in funding through the Land Development Agency and €5bn funding through the Housing Finance Agency.

Under Housing for All, the Government will deliver 47,600 new build social homes; 3,500 social homes through long-term leasing and 28,500 new affordable homes in the period 2022-2026. Increased delivery of social housing is a key Housing for All objective and is supported through a range of funding streams delivered via local authorities and Approved Housing Bodies (AHBs). The number of completed new build social homes, and the number in the pipeline, continues to grow year-on-year, with new construction projects added to the pipeline regularly.

My Department assesses, approves and records local authority social housing delivery on a project basis. In order to provide an appropriate benchmark to use as tool to inform the development and costing of scheme designs at capital appraisal stage, my Department periodically issues Basic Unit Costs (BUCs), for each local authority area.

To monitor tender cost trends and to inform BUC levels, my Department analyses the tender data for the construction cost element of new build schemes approved under the four stage approval processes for each unit type, where sufficient information is available to allow such costs to be extrapolated and where the information available is appropriate for comparison purposes.

The figures below are based on the BUCs and set out the estimated cost of new build social homes delivered via the Social Housing Investment Programme (SHIP) in increments of 250 homes. Data from the Capital Assistance Scheme or Capital Advance Lease Facility, or Part V delivery is not included.

Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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262. To ask the Minister for Housing, Planning, and Local Government the estimated cost of increasing cost rental delivery through the cost rental equity loan above current targets per 250-unit increments, in tabular form. [40268/24]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The Government has targeted delivery of 54,000 affordable homes between now and 2030, to be facilitated by local authorities, Approved Housing Bodies, the Land Development Agency and via the First Home scheme, a strategic partnership between the State and retail banks.

The Cost Rental Equity Loan (CREL) funding is available to Approved Housing Bodies who provide cost rental homes. Overall State funding under CREL provides up 55% of capital costs, of which up to 20% can be equity, on a sliding scale as necessary for viability at appropriate rent levels.

The cost of delivering new homes is dependent on a range of variables, such as the location, the scale of the development and the size and type of the homes involved, together with the cost of labour, financing and materials applied to the project in question and ongoing maintenance and management fees.

Using the average cost to the Exchequer for delivery of CREL units in 2023 and based on CREL funding of 55% of capital costs, the estimated cost is set out in the following table:

To note these are estimated figures and the actual site- and project-specific costings for a particular number of additional units would need to be provided to give an accurate cost of increasing delivery above current targets.

Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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263. To ask the Minister for Housing, Planning, and Local Government the estimated cost of increasing first home scheme delivery above current targets per 250-unit increments, in tabular form. [40269/24]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The First Home Scheme, which launched in July 2022, is a shared equity scheme, designed to help bridge the gap for eligible first-time buyers, eligible homebuyers, and self-builders, between their deposit and mortgage, and the price of their new home (within price ceilings established across the country). Full details are available on the First Home Scheme website, www.firsthomescheme.ie.

The Scheme aims to support in the region of 8,000 households in acquiring new homes in the private market in the years 2022 to 2026 with an overall commitment of €680m. However, as the First Home Scheme is demand driven, funds will be drawn down as and when required.

The First Home Scheme Designated Activity Company is responsible for the operation and management of the First Home Scheme on behalf of its shareholders - the State, Allied Irish Bank, Bank of Ireland and Permanent TSB. Full details are available on the First Home Scheme website, www.firsthomescheme.ie.

On 6 October, the First Home Scheme published its Q3 2024 report, stating that over 5,560 First Home Shared Equity Scheme approvals have issued since its launch in July 2022 across all local authorities, with 74% of all approvals issued in Dublin, Cork, Kildare, Meath and Wicklow. The pipeline of applications continues to grow, with the number of new applicants in Q3 2024 6% higher than the same period last year (823 in Q3 2023 versus 775 Q3 2024).

The report also stated the average purchase price for purchases and the average support being provided by the First Home Scheme per home. Based on this, the estimated cost for increasing delivery by 250 homes is set out in the following table:

Any additional funding would need to be provided collectively from the State and participating mortgage lenders, i.e. a 50:50 division of funding.

Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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264. To ask the Minister for Housing, Planning, and Local Government the estimated cost of increasing local authority affordable purchase scheme delivery above current targets per 250-unit increments, in tabular form. [40270/24]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The Government has targeted delivery of 54,000 affordable homes between now and 2030, to be facilitated by local authorities, Approved Housing Bodies, the Land Development Agency and via the First Home scheme, a strategic partnership between the State and retail banks.

In the case of the Local Authority Affordable Purchase scheme, the Affordable Housing Fund (AHF) is available to local authorities as a direct subvention towards the development costs of providing affordable houses. Subsidy of €50k, €75k or €100k per affordable home is available to affordable purchase schemes, depending on the scheme density and its location. A higher funding threshold of €150k applies to higher density cost rental schemes in city areas only.

The subsidy enables the Local Authority to contribute to the development costs, thus allowing the homes to be made available eligible applicants at a discounted affordable purchase price at least 15% below the market sale price. The local authority retains an equity share in the home, equal to the percentage discount of the affordable purchase price from the market value of the home, which is redeemable by the purchaser at a future date.

A sizeable portion of the delivery costs are thus met from purchaser’s funds with the only Exchequer outlay representing 95% of the AHF subsidy amount to which a 5% local authority contribution applies.

The cost of delivering new homes is dependent on a range of variables, such as the location, the scale of the development and the size and type of the homes involved, together with the cost of labour and materials applied to the project in question. The average Exchequer cost commitment per unit was €78,000 in 2023.

Having regard to the differing levels of AHF subsidy available in the circumstances described above, the Exchequer cost of grant aiding the delivering of 250 affordable purchase homes with AHF support will fall within the range set out in the following table:

Depending on the density and location, the Exchequer cost of grant aiding the delivery of 250 affordable purchase homes by local authorities with AHF support will range from €11.875m to €23.75m.

All costs are once-off Exchequer payments which, generally, arise for payment once contract for sale has closed.