LAND DEVELOPMENT AGENCY – OPENING DOORS TO AFFORDABLE HOMES

May 27, 2024 | Featured Articles

The Land Development Agency (LDA) is committed to meeting the need for affordable homes for sale and rent across Ireland. and the LDA’s first Direct Delivery scheme in Shanganagh, Shankill in Co. Dublin will launch this year.

In line with the Housing for All and Project Tosaigh the LDA launched two key programmes on Affordable Homes and Cost Rental Accommodation. Project Tosaigh was announced in 2022 in the Government’s ‘Housing for All’ strategy to unlock land in private ownership that has planning permission but where delivery has stalled due to financing and other constraints. The first phase of expressions of interest process was launched at the end of 2021, while the second phase was launched at the end of 2022.

Developments in the first phase are well-spread regionally, from Dublin, Cork, Waterford, Wicklow to Meath and Kildare, in which the LDA expects to deliver 5,000 homes across a multi-phase process, in addition to the 6,000 the LDA has planned for delivery from its existing portfolio of State lands. A further 10,000 to 15,000 homes are anticipated after 2026 following the transfer of additional state lands, which was announced in ‘Housing for All’ in September 2023.

The present pipeline of projects is anticipated to deliver circa 1,000 affordable for sale and cost rental homes over the next two years, with some already delivered. Additional phases of Project Tosaigh will be launched periodically and will layer similar tranches of delivery on a consistent basis. This is in addition to direct delivery by the LDA on State lands.

In partnership with several local authorities, the LDA has released several Affordable Purchase schemes across the country. New homes are available for purchase by eligible applicants at affordable prices under the Local Authority Affordable Purchase Scheme.

The Local Authority Affordable Purchase Scheme helps prospective purchasers buy homes by bridging the gap between the price of the house and the amount of personal funds, Help to Buy (HTB) and mortgage funding available to them, thus enabling would be purchasers to own a newly built, A-rated home.

In return, the local authority will take a percentage equity stake, known as an Affordable Dwelling Contribution, in the Affordable Purchase home equal to the difference between the open market value of the property and the affordable price paid by the purchaser.

So, if the home is purchased with a 20% Affordable Dwelling Contribution, the local authority will retain a 20% stake in the home. Each local authority introduces its own affordable housing scheme and manages the application process.

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