The Affordable Housing Act 2021 is Act is designed to set the policy framework for a number of schemes aimed at making more affordable homes available for purchase and rent for eligible households. Capital funding to underpin the delivery of homes within these schemes is voted by the Oireachtas in line with Government spending priorities. The assessment of the quantum of funding required under these schemes over the longer term is informed by the review of the National Development Plan, the upcoming strategic ‘Housing for All’ plan, and the annual budgetary process.
In 2021, some €35m has been explicitly allocated to the Cost Rental Equity Loan (CREL), which is administered by the Housing and Sustainable Communities Agency. This funding has also been supported by an additional €100m of State-backed loans from the Housing Finance Agency. Once placed on a statutory basis, the Land Development Agency will also deliver Cost Rental and affordable homes for purchase via €1.25b from the Ireland Strategic Investment Fund (ISIF) and any further funding raised.
Other supports for the development of cost rental accommodation are being facilitated through the €310m Serviced Sites Fund. This funding is available to Local Authorities to assist in the development of homes for both affordable purchase under Part 2 of this Act and for cost rental,
The new Affordable Purchase Shared Equity scheme for private lands, as addressed in Part 4 of this Act, has received initial funding of €75m for 2021. It is expected that Exchequer funds and non Exchequer co-funding is provided for this scheme in both 2022 and 2023.