Housing Bill

The Cabinet has approved the publication of the Affordable Housing Bill 2021.

Monaghan Fianna Fáil’s Senator Robbie Gallagher has welcomed it as the “first comprehensive standalone legislation dedicated to the provision of affordable housing in the history of the State”.

The bill includes the first scheme of direct State-built affordable homes in over a decade, the first ever national scheme to provide for the delivery of ‘Cost Rental’ housing, a new Affordable Purchase Shared Equity scheme for homes in private developments, and provision for the extension of Part V in every local authority area with a 10% minimum requirement for social homes and a further 10% requirement for affordable homes where required.

“This bill is delivering on the Programme for Government commitment to put affordability at the heart of the housing system and to prioritise the increased supply of affordable homes. For the first time in over a decade, the government will be empowering local authorities to deliver affordable homes for purchase on their own lands, meaning that middle income earners can be supported to own their own home,” said Senator Gallagher.

Under the national Cost Rental scheme, tenants pay rent that covers the costs of delivering, managing, and maintaining the homes only.

“The first homes will be delivered this year at a minimum of 25% below market value,” revealed Senator Gallagher.

The new Affordable Purchase Shared Equity scheme will involve the State supporting first time buyers to purchase homes in private developments. “This will take the form of an equity stake of up to 20% in new build homes. Eligible homes will be subject to regional price caps. The scheme will ensure that people paying high rents can instead use their hard-earned income to pay down a mortgage and own their own home much sooner. Controls will be in place to prevent any inflationary effect,” detailed the senator.