The Government has promised that over 150,000 homes will be built over the next 20 years following the launch of the new Land Development Agency.
It is understood that cabinet members have unambiguously agreed to the Government’s proposals that will see €1.25bn being allocated for social and affordable housing developments.
The Government say the new agency will have the power to purchase state and private land in order for more housing to be built over the coming years.
It will also have the right to provide private homes, but those involved in the scheme will be required to be make 40% of their projects available for the affordable housing market.
Although it may take a number of years for the new agency to get up to speed, the Minister for Housing Eoghan Murphy has confirmed that an initial 3,000 affordable homes will be delivered on eight sites across the country.
The Government also say they hope the new agency will be on the same scale as the ESB and the IDA which have both become a great success in recent years.
It is also hoped that the new initiative will create more jobs in the construction industry as well as tackling the current homeless crisis.