The government’s plan to tackle the housing crisis will aim to deliver 300,000 new homes by the end of 2030 under a €4 billion per-year strategy.
The Housing for All plan will be published today and will commit to a €4 billion annual investment in housing and set annual targets across social, affordable and cost rental housing.
The plan will replace the government’s ‘Rebuilding Ireland’ scheme.
The government is aiming to deliver 300,000 homes made up of 90,000 social homes, 36,000 affordable homes, 18,000 cost rental homes – with 156,000 homes being private sector builds by the end of 2030.
Single people who have difficulty buying their first home are to be targeted under reforms earmarked for the government’s mortgage scheme, currently known as the Rebuilding Ireland Home Loan (RIHL).
The buyers can use the loan to purchase a new or second-hand property, or use it for a self-build. It can offer up to 90% of the market value of the property – making it an appealing option for those looking to get a loan who may not be able to meet the criteria for a mortgage with the banks.
Currently the maximum amount a single person can earn to be eligible for the scheme is €50,000. Under the new changes that will be increased to €65,000 in Dublin, the Greater Dublin Area, Cork, and Galway – bringing in a whole new eligible cohort. The maximum amount for joint applications remains at €75,000.
A vacant property tax will also be on the way as part of the government’s new housing plan.
O’Brien has previously confirmed that he wants to target investment funds that have large swathes of apartments lying empty.