The plan sets out that more than 300,000 new homes will be built by 2030, but 156,000 of those will be built by the private sector.
Despite €4 billion being set aside for housing every year out to 2030, the total number of homes to be built by the State will be just 144,000 or 16,000 a year.
Under the plan as announced by Housing Minister Darragh O’Brien the 300,000 target includes a projected 54,000 affordable homes for purchase or rent and more than 90,000 social homes.
There will be 36,000 affordable purchase homes and 18,000 so-called ‘cost rental’ homes, with rents targeted at least 25% below market value.
But the plan makes clear that there will be 156,000 private homes built during this time in what Mr O’Brien has called the largest State-led building programme in our history and is financed by the biggest State funding commitment ever.
According to the 160-page report, new housing output will reach 24,600 in 2022 (9,000 social homes; 4,100 affordable and cost rental homes and 11,500 private rent and purchase homes) to 40,500 by 2030 (10,200 social homes, 6,300 affordable and cost rental homes; 24,000 private rental and purchase homes).
However there is a big caveat contained in there.
“Projections will be heavily influenced by Covid-19 related uncertainties in the earlier years of the plan. These uncertainties will reduce over time as the impact of the pandemic on the housing backlog is fully established, and associated construction-related constraints diminish. However, ongoing uncertainties associated with raw material costs and availability, and the sector’s capacity to recover, may also impact totals,” it warns.
Mr O’Brien says the plan includes modern Kenny Report style powers to ensure the State gets a fairer share of the increase in the value of land resulting from re-zoning decisions and the community benefits as a result.
He said major planning decisions will be returned to local authorities and will be subject to strict time frames, while judicial reviews will be overhauled to unblock obstacles to development.