It is claimed the agency will seek to remove land speculation and drive down the cost of land, which it is hoped will lead to cheaper house prices and increased availability. It will “smooth the peaks and troughs of Ireland’s land and housing market”, the Cabinet was told.
The agency will, however, demand that almost a third of homes built on its sites must be affordable houses.
The price of an affordable home – or the income of those who would qualify to purchase such a property – is yet to be defined by the Government.
Sources pointed to other State housing schemes that roughly allowed a single person on up to €50,000 a year or a couple with a joint income of up to €75,000 a year to qualify for affordable housing.
I reckon this will be welcomed by most people, though I think certain groups of people are of the expectation that social housing means free or at least available to long term social welfare recipients.
I think the target income earner is spot on. 20 yrs is alittle on the long side but the next effect might be bringing down housing costs sooner than that as supply increases.