Government Greenlights €2.5bn Boost: Land Development Agency Charts a Bold Course in Housing Evolution
The government has greenlit an additional funding infusion of up to €2.5bn for the Land Development Agency (LDA), effectively doubling the agency’s capitalization. While falling short of the initially proposed €6bn, insiders suggest that the LDA didn’t require the entire sum upfront.
This approved financial package is deemed adequate to cover the initial years of the LDA’s business plan, spanning from 2024 to 2028. The €2.5bn figure resulted from discussions between the LDA and the government’s New ERA agency, specifically addressing the agency’s anticipated needs for 2024 and 2025.
John Coleman, the LDA’s chief executive, expressed appreciation for the substantial funding increase, noting that it positions the agency to commit up to €5bn. This financial boost is crucial for the LDA’s continued delivery of substantial affordable and social housing units through 2025.
With ongoing efforts to provide over 10,000 direct delivery homes on state-owned land, the LDA is also on track to deliver an additional 5,000 Project Tosaigh homes by 2026. The agency envisions becoming one of Ireland’s primary housebuilders, both public and private, over the term of its current five-year business plan (2023 to 2028), with substantial delivery efforts already underway.