Fianna Fáil has launched a new bill to help boost the provision of sinking funds for multi-unit developments.

A sinking fund is capital that has been set aside for essential maintenance works.

The party's Housing Spokesperson, Darragh O’Brien TD drafted a Bill after a recent Society of Chartered Surveyors Ireland survey revealed the majority of apartment developments have not set aside enough funds for maintenance and refurbishment.

Deputy O'Brien said: "In light of this, we need to strengthen the existing law in this sector because as these apartment blocks get older they will obviously require more investment. Our bill will outline very clearly who precisely has responsibility to properly establish a sinking fund in a given development and to provide regular updates on its use.

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"We very well may be experiencing shortages in housing of almighty proportions but it's important too that we act on the failure to provide for works in existing blocks so that they meet proper health and safety standards.

"This bill also compliments an earlier bill I introduced to support owner management companies by creating a new ombudsman to assist them in their work.

"Despite over 500,000 people living in multi-unit developments, their rights are often overlooked. The Government needs to support the passage of this bill in order to safeguard the future quality and safety of apartment developments across the country," he concluded.

The Bill will be introduced in the Dáil this week.

(CM/MH)