If it were in power, Sinn Féin claims it could build 50,000 affordable houses in five years, reports RTE.
The party has unveiled its Affordable Homes Plan, which it claims would enable working people to once again buy a home.
The goal of the €13.2 billion initiative is to provide affordable housing to those whose incomes are too high for them to qualify for social housing but who cannot afford current market rates.
According to Sinn Féin, depending on location and size, affordable homes may be supplied for between €250,000 and €300,000, with all land-related expenses covered by the State.
The party also wants to provide rental properties for less than €1,000 a month, reports RTE.
It promises to release a comprehensive five-year plan with all costs included in early September.
Spokesman for Housing Eoin O’Broin clarified that by keeping the cost of land and site maintenance separate from the cost of building the house, they were able to reach the reasonable purchase price.
According to the party, the State would pay between 20 and 33 percent of the total development expenses in order to create a Public Housing Fund that would make homes more accessible.
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Deputy Broin stated: “The State has to intervene decisively…to make affordable homes to buy but also to rent…and within the reach…of working people,” reports RTE.
In accordance with Sinn Féin’s proposal, state property will be used to construct affordable housing; the state would cover all land-related expenses and maintain ownership of the property.
Even if the buyer covers the whole cost of construction and owns the entire land, the house must fit within the acceptable range if they want to sell it.
In addition to owning the house, they are entitled to make changes to it and transfer ownership to their offspring or grandchildren, just like any other private buyer, reports RTE.
Particularly in the capital, government parties have long questioned their ability to offer a house for €300,000.
Mary Lou McDonald, the head of Sinn Féin, however, supported the statistic, stating that it “clearly is credible and deliverable.” And today, we ran the math for you. The question of whether that amount could be met was discussed. It can be, is the response.
“I’m never really going to own a house or have rent that I can cope with and that I can build a good life on, and I hope that this plan says very clearly to that set of people, and it is in the tens of thousands of people, that in fact there is an opportunity for you…to purchase an affordable home, to rent a home at an affordable rate,” reports RTE.
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