CHI’s 2024 pre-budget submission advocates for specific expenditure proposals that will enable and support CHI and other AHBs to deliver more social and affordable housing in a financially viable and sustainable manner.
The key investment proposals included in our Pre-budget submission are:
1. Additional budget to increase delivery of social and affordable homes to meet demand.
There is now a consensus that housing output need to meet 50,000 units per year, in contrast to the previous recommendation of 33,000. It is crucial that increased housing delivery maintains the ratio of 2:1 private versus social as established in Housing for All. Of an estimated 17,000 social houses per year (increased from the 10,000 current target), 8,500 would be delivered by AHBs. This would require an additional budget of €2,600,500,000.
2. Mounting debt– reducing the current high gearing levels will enable AHBs to continue growing, deliver more homes, as well as encourage other funders to lend to AHBs as the cost of funds will become more competitive by reducing the risk.
3. Introduction of grant funding for retrofits/energy upgrades of older properties
4. Introduction of a Community Land Trust budget to fund CLT developments. This will provide affordable homes to lower and median income households and help to build communities.
5. Financial incentives, reduced VAT rates, planning levy waivers and additional funding multiplier for Modern Methods of Constructions (MMC)and green modular construction projects in order to help AHBs reduce their carbon footprint.
6. A review of the planning system in order to mitigate barriers to planning permission and increase supply of social housing.
Read our full pre-budget submission: https://assets-global.website-files.com/61f22ad175cb9f5fb9d93f31/6512ff41814655fe955d4cf5_Co-operative%20Housing%20Irelands%20Pre-budget%20Submission%20Budget%202024.pdf