LDA could help stalled housing

The Land Development Agency (LDA) is seeking to forward purchase apartment developments which have yet to commence or have paused.

It’s part of the LDA’s new phase of Project Tosaigh I Housebuilder Partnerships initiative whereby the agency steps in to kickstart and complete unviable or stalled developments by providing the financial stimulus required for homebuilders to complete these homes.

This is the third time the LDA has sought expressions of interest (EOI) to forward purchase homes as part of Project Tosaigh I.

The initial EOI was issued in November 2021 and the second was issued in October 2022.

These calls have resulted in agreements for the delivery of 2,800 new homes to the LDA or its nominees.

The latest EOI will prioritise proposals involving higher density homes in the cities like Cork as well as Dublin, Galway, Limerick and Waterford.

John Coleman, Chief Executive of the LDA said: “Project Tosaigh is an excellent initiative and has already resulted in the delivery or pending delivery of almost 6,000 new homes.

“Once we identify suitable projects, we will move quickly with the homebuilders to advance construction and to complete the homes.”

Mr Coleman added: “The homes will then be made available to renters under the cost rental scheme. I would urge all homebuilders to examine the terms of the expressions of interest process and to submit relevant schemes.”

The process is open. The LDA will deliver the homes by paying a deposit up front and agreeing to purchase them in full once they are built.

The homebuilders will then be required to develop the projects to completion.

As part of the new phase of the Project Tosaigh I Housebuilder Partnerships, the LDA is seeking projects that involve the following:

Sites in significant areas of housing demand across the country’s key cities

Full and implementable planning permissions

A capability to commence construction in the near term, or where construction has commenced, but is either fully or partially paused

Approval for higher density housing including apartments at a scale greater than 100 units

Homebuilders with strong balance sheets and a track record of residential development delivery

The potential to support wider development beyond the housing units involved

Well-designed schemes that provide value for money and will ultimately be affordable for occupiers

Alignment with EU sustainability and taxonomy guidelines.

To participate in the process, homebuilders are requested to submit EOIs to the LDA by 31 July. Full details of the EOI process can be found at lda.ie.