The Land Development Agency (LDA) has welcomed a €2.5bn injection of new Government equity and an extension of its mandate.

Announced under the Government's Delivering Homes, Building Communities Action Plan, the funding will help the Agency accelerate delivery of affordable and social housing while expanding its project pipeline and land holdings.

The LDA said it is now positioned to deliver 14,000 new homes by 2029 through two routes: direct delivery on State-owned or acquired sites and partnerships with private homebuilders via Project Tosaigh.

The Agency is targeting just under 2,000 completions in 2026, rising to more than 3,000 annually from 2027, subject to planning.

The Action Plan, launched at the LDA's Donore Project in Dublin City, which is set to deliver over 540 homes, also broadened the Agency’s responsibilities to include delivery across a wider geographical area; strategic land assembly from public and private sources; investment in enabling infrastructure to unlock supply; a fundamental role in the Starter Homes Programme; collaborations to increase delivery across all tenures, including social and private; backing more SME housebuilders; and support for planning and delivery of new communities.

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John Coleman, Chief Executive of the LDA, said: "We welcome the Government's provision of new capital, which will enable the delivery of thousands of new affordable and social homes across Ireland in the coming years. We already have an extensive project pipeline with more than 20 sites either under construction or advancing to construction, and we are continuously adding to our land portfolio through the strategic acquisition of new development sites that will allow us to significantly increase our output of affordable housing at scale.

"We are also increasingly working with local authorities to deliver new homes on their land and we are continuing to partner with private developers through our homebuilder partnerships. Our current activity and increased funding levels mean we are now well positioned to become the State's largest producer of homes by 2028 and to deliver 14,000 homes between now and 2029. This level of delivery will add significantly to the homes being delivered by others in the State sector and by private developers. It will also create thousands of opportunities for would-be homeowners to buy a new home and for renters to secure a high-quality, newly-built and affordable home in thriving new communities."