Francis has welcomed the new enhanced measures agreed in principle by Cabinet today
The development of a new Cost-rental subvention for apartments in urban areas at a cost of between €500m and €750 by 2028. This new policy will provide a subsidy of approximately €125,000 per apartment. It is expected that this will allow the Land Development Agency (LDA) to enable between 4,000-6,000 units by 2028 at rents that are affordable to people earning less than €53,000 after tax.
The Green Party have championed the Cost-rental housing model for decades, both in opposition, and now in government. This new housing model is set to create 40,000 affordable homes over then next two decades. The vacancy measures will bring vacant homes back into use drawing life back to the centers of our towns, cities and villages.
A further measure to mitigate vacancy was also approved by providing a €20,000 increase in the grants to renovate vacant and derelict houses was also announced. Renovation is usually the most environmentally friendly way to increase housing stock. These grants will now be available to pre 2007 homes, extended from 1993.
Separately, the Department intends to bring forward new regulations which will allow the LDA to bring forward new not for profit/limited profit homes. These will be targeted at households with incomes above the current cost rental threshold.
The introduction of Cost-rental homes and making vacant dwellings available to the market have always been key Green Party policies. I am delighted the government has chosen to further enhance these housing objectives.