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Accident – Death – Obituary News : : 1. “Irish government accommodation crisis spending”
2. “State response to housing crisis Ireland”
The State’s spending on housing in the UK is a significant and rapidly increasing figure. With a total of £8.3 billion allocated this year, it represents a substantial portion of the annual State budget. The growth in spending is evident, with total supports now 3½ times higher than a decade ago. The chronic shortage of social homes is a key issue, leading to increased demand for secure social housing. Various government schemes and initiatives aim to address this, including capital spending on building and buying houses, current expenditure on social housing, and tax breaks for buyers and developers. The future of housing expenditure in the UK looks set to continue rising, with a focus on increasing supply and affordability.
1. “Government funding for housing crisis”
2. “State investment in affordable housing”
State Spending on Housing: An In-Depth Look
When it comes to the amount of money the State spends on housing, the figures can be quite staggering. The total spending and tax breaks allocated to housing this year amount to a hefty €8.3 billion. This is a significant chunk considering the annual State budget of around €100 billion. Over the years, the amount spent on housing has seen a remarkable increase. Since the low point of State spending in 2014, total supports have grown to 3½ times what they were a decade ago. The rise in spending in recent years has been rapid by any standards.
One of the main reasons for the increase in spending is the chronic shortage of social homes that still needs to be addressed. The lack of construction of new social homes combined with tenant purchase schemes by local authorities has resulted in a shortage of social housing stock. As a result, a total of 58,824 households were identified as having unmet social housing needs at the end of last year. With homeless numbers on the rise and social housing demand increasing, expenditure in this area is expected to escalate further.
The pressure to increase the supply of housing, particularly affordable homes, is mounting. Many State investment supports have only recently begun and are likely to increase in the future. If Sinn Féin comes into power after the next general election, there may be a shift in the mix of support, with promises to end support for buyers and increase spending on social and affordable homes. Regardless of who is in power, it’s clear that State commitment to housing is only going in one direction: up.
Capital Spending on Housing
The total State investment in housing this year exceeds €5 billion. State investment has been rapidly increasing in recent years to meet the growing demand for homes. This includes direct spending by the State, local authorities, and approved housing bodies. The Housing Finance Agency (HFA) and Home Building Finance Ireland (HBFI) also play a role in providing funding for housing projects.
In addition to direct State investments, the 2024 housing spending plans include nearly €1 billion being deployed by the Land Development Agency (LDA). The LDA partners with private developers to complete developments on State land. The HFA is expected to advance €1.5 billion, and the HBFI, established in 2019, has a loan portfolio of over €1.6 billion.
Current Spending on Housing
A total of €1.5 billion is allocated for current expenditure on housing this year. Social housing, which caters to those on low incomes, makes up a significant portion of this spending. The sale of local authority homes to long-term tenants has contributed to the surge in spending on social housing. The construction of new social homes has increased, but the pace is not yet sufficient to meet the demand.
The Housing Assistance Payment (HAP) and the Rental Accommodation Scheme (RAS) are two main ways through which the Government provides homes to those in need of social housing. A further €62.7 million is allocated for rent supplement, a short-term income support for people in the private rented sector. The Government also provides differential rents for social housing tenants in local authority accommodation.
Homelessness spending has also increased, with €242 million set aside for homelessness services this year. The Housing First program, which provides homes to long-term homeless individuals with complex needs, is allocated €35 million.
Tax Breaks and Reliefs
Apart from direct spending, the State also provides tax breaks and reliefs to incentivize housing development. The Help-to-Buy scheme, which offers tax refunds to first-time buyers, is estimated to cost €185 million this year. Other measures include waivers on development levies for new homes and tax reliefs for landlords and renters.
The total claimed by private landlords in 2022 was €1.2 billion, with an estimated cost of €400 million in tax reliefs. Other schemes, such as the rent a-room tax relief and the Living City scheme, also contribute to tax expenditure.
Looking Ahead
The report of the Commission on Housing, recently submitted to the Department of Housing, will play a crucial role in shaping future housing policies. The report will assess the efficiency of current spending and provide recommendations for the future. With significant State resources at play and mounting political pressure to address housing issues, the decisions made in the coming years will have a lasting impact on housing in the country.
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