25 April 2023
By Tom Collins
Cork TD welcomes extra measures to get more homes built more quickly
Fianna Fáil TD Aindrias Moynihan has welcomed extra measures under the Housing for All Plan to make it cheaper to build and refurbish homes, speed up home building and drive down building costs across the board.
“Development levies will be scrapped for a limited period of time which will cut the cost of building a home and increase delivery of houses. Vacant and derelict property grants are being increased as bringing those properties back into the housing stock is the fastest way of increasing supply. The government has also committed €750 million via the Land Development Agency and other providers as part of this initiative to complete 4,000 to 6,000 additional affordable apartments under the Cost Rental system. This will be a massive boost to our rental stock and will put downward pressure on rental prices across the country.”
The new measures will build on the momentum of Housing For All this year with work starting on a record 7,349 homes in the first three months of 2023.
The measures are:
1. Reducing the cost of construction: by scrapping the development levies required to connect new homes with roads, water and other services, and subsidising development levies, saving up to the value of €12,650 per home on average. This will cut the cost of building a home and apply for a limited time only to act as an incentive.
2. Increasing the pace at which vacant and derelict properties are renovated for new housing: by beefing up grants to cut the cost of restoring empty homes and making it easier to apply. The Vacant Property Refurbishment Grant will be increased from €30,000 to €50,000 for vacant properties and from €50,000 to €70,000 for derelict properties, extended to cover houses built up to 2007, and will be available for properties intended for rental as well as owner-occupied. Any person who has applied for the grant but who has not yet drawn down funds can avail of the increased rates.
3. Government financing of the construction of affordable apartments under Cost Rental: to get work started on thousands of affordable apartments to rent which have planning permission but which are not being progressed – again, a substantial subsidy for a limited time only to speed up construction. The Government has agreed to commit up to €750 million via the Land Development Agency and other providers as part of this initiative to complete 4,000 to 6,000 additional affordable apartments under the Cost Rental system.