OVER €5 BILLION HOUSING BONANZA IN BUDGET 2024

Dec 10, 2023 | Featured Articles

An unprecedented Budget package of close to €7bn for 2024 includes a capital investment of €5.1bn for the housing sector, significant funding for local authorities, planning reforms in addition to increased resources for Ireland’s heritage. Here’s a recap of what lies in store for the year ahead. 

Reflecting the importance placed on the Government’s ‘Housing for All’ strategy, there will be a record capital investment of €5.1bn for the housing sector this year – made up of €2.6bn Exchequer, €978m Land Development Agency (LDA) and €1.5bn Housing Finance Agency (HFA) funding.

Cabinet approval for an additional €6.75bn in funding for the LDA and the HFA, sought by the Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, will form part of Ireland’s long-term investment in future housing need. Minister O’Brien emphasised that ‘Housing for All’ is now taking hold, adding that Budget 2024 will help add to the momentum created over the last two years.

“The capital funding for housing in 2024, coupled with LDA and HFA investment, stands at a record €5bn – the highest ever in the history of the State. This funding will ensure we can continue to deliver new affordable homes for purchase and rent at pace. More than €760m in direct affordability and home ownership funding will support the initiatives, such as Cost Rental and First Home Schemes, the Affordable Housing Fund, the Secure Tenancy Affordable Rental and the Help-to-Buy schemes,” he noted.

The Minister for Finance Michael McGrath has extended the Help-to-Buy scheme to the end of 2025 and made some technical amendments ensuring its optimal interaction with local authority affordable purchase schemes. “Our focus for capital investment in social housing will be on new build – with the funding received supporting the delivery of 9,300 new build social homes in 2024.”

Minister O’Brien has also increased the single stage approval process threshold from €6m to €8m, to give local authorities greater autonomy in constructing social housing developments. Social homes will also be delivered through a continuation of the ‘Tenant in Situ’ scheme.

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