€84m in funding for 25 local authority sites for 1,770 affordable homes nationally

€84m in funding for 25 local authority sites for 1,770 affordable homes nationally

Minister for Housing, Planning and Local Government, Eoghan Murphy today announced funding approval for 25 infrastructure projects across 13 local authority areas. This funding commitment of €84 million aims to support the delivery of 1,770 affordable homes for purchase. 

This announcement, confirming the 2nd round of approvals and funding under the Serviced Sites Fund, means that, to date, funding support has been allocated to enable delivery of almost 3,200 affordable homes for purchase under the scheme.

The Serviced Sites Fund, which has a total of €310 million available support local authorities out to 2021, was established to provide key facilitating infrastructure, on public lands, to support the delivery of affordable homes to purchase or rent.

The Government says the projects announced today will also service sites providing infrastructure that has the potential to support the development of over 1,100 social housing homes where local authorities are bringing forward these sites forward as part of mixed tenure developments.

The homes that will be delivered via this funding support, will be made available for affordable purchase under the provisions of the Housing (Miscellaneous Provisions) Act, 2009 which the Minister enacted in 2018, the operational provisions of which are currently being developed. 

Alternatively, SSF funding is also being made available to support innovative delivery of homes for rent under a ‘Cost Rental’ model which it is anticipated will deliver rental options at rates significantly below market levels.

Speaking today, Minister Murphy said, "We’ve seen recently that house prices have been cooling down, even falling in some parts of the country as supply increases. But for too many people home ownership still remains out of reach. Unless the government steps in to bridge the gap, young couples and workers may not be able to afford to buy their own home in our cities and large towns."

He added, "That’s why we are using local authority land to build more affordable homes for young workers and couples, and that’s why these approvals announced today are so important. The market will not fix our housing problems alone, the government must lead on providing more affordable homes."

Source: www.businessworld.ie