Results 341-360 of 1,095,672 for in 'Dáil debates' OR in 'Committee meetings' (speaker:Chris Andrews OR speaker:Denis Naughten OR speaker:Kieran O'Donnell OR speaker:Norma Foley OR speaker:Ivana Bacik OR speaker:Aindrias Moynihan OR speaker:Michael Ring OR speaker:Steven Matthews OR speaker:Cian O'Callaghan OR speaker:Leo Varadkar OR speaker:Cormac Devlin OR speaker:James Lawless OR speaker:Joe O'Brien OR speaker:Michael Creed OR speaker:Cathal Crowe OR speaker:Brian Stanley)
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I can see that is written at the bottom. I want to start at the top. We will take the example Mr. Coleman is talking about. Let us consider someone earning €66,000. The higher the subsidy, the lower the income. Somebody who is earning €66,000 is effectively borrowing the other 30% equity that the State puts in. If the person wants to buy the State out, he or she has to pay...
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I know that.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I am trying to get to how the policy is working or not working.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: Did the LDA buy these as turnkey properties?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: Who owned the land before the LDA got it?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: The land was free.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: There was a nominal fee.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: How much was it? Was it €100 per acre?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I do not want to trivialise €10,000 but in the greater scheme of things, that is minuscule. We will accept that. Let us consider these properties and include the subsidy that the State invests. I buy the house and borrow €30,000 from the State. I take out a mortgage of €364,000. I now have borrowings of €407,000. The overall value of the house is...
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I know. That is the amount that has to go in on the first day. Mr. Coleman is ignoring the fact that 30% is borrowed through the State equity piece. If Joe Bloggs buys and wants to sell the house, that 30% has to be paid back. Mr. Coleman and I know that. It will be on the title deeds that the lien is on the property and cannot be removed. The transfer of that property is dependent on...
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I accept that prices are higher in the area these properties are in because of its location. People have this thing about addresses. I never got it myself but some people do. The point I am trying to make is that it is irrelevant. The LDA almost got land for free and contracted a builder. That is fine, and there is nothing wrong with that. The prices, however, are still sky high despite...
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: Who is getting the extra cash? There is a notional thing involved. I do not mean to be dismissive of Mr. Coleman and I do not mean it that way but because there is this notion around certain areas, they are more expensive. The hard fact is that this land was acquired from the local authority for a nominal sum. A builder comes in. Concrete blocks cost the same to build in Shankill as...
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: Who is getting the cash?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: That is because there are notions around where properties are.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I am trying to deal with these affordable homes. These are apartments. We are not talking about mansions.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: It goes to the local authority.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: When you look at value, €378,000 is very high when we are talking about affordable homes. That is the point I am trying to make. The prices are still coming in high. The opening statement was informative. The committee sometimes hears opening statements that are not very informative. In his opening statement, Mr. Coleman said, "The average rent for an LDA-provided home is...
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: Overall, Mr. Coleman, is it one of these sought after locations or what was the situation with the land there? Who owned the land before the LDA built there?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: It was a greenfield or a brownfield site.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: Tell me how that worked and explain to me what happened. The LDA entered into an arrangement with Cairn Homes for the design and build. The LDA still owns the land and owns the property at this stage. Is the development finished?