Sinn Féin spokesperson on Housing Eoin Ó Broin TD has commented on the launch of the government’s Croí Cónaithe Cities Scheme.

The details of the scheme were leaked late last week and unfortunately the launch shows that the scheme is another fine example of Fianna Fáil lining the pockets of developers with taxpayer’s money to the tune of €450 million.

Teachta Ó Broin said:

“Today Darragh O’Brien has officially launched his Croí Cónaithe Cities Scheme.

“In keeping with tradition, it can only be described as another Fianna Fáil scam to line the pockets of developers to the detriment of the delivery of genuinely affordable apartments.

“It is a stretch for the Minister to describe this scheme as supporting the government’s aim of compact growth, as all it will do is lock in unaffordable prices for new apartments in our cities without offering any discount to the potential purchaser.

“There will be subsidies available of up to €120,000 per unit and this will be even higher outside of Dublin. This government subsidy will be provided without any affordability dividend being offered in return.

“Like the other government subsidies to developers that the Minister is lauding, Help to Buy and the First Home Shared Equity Scheme, it will do nothing to increase housing affordability for ordinary people.

“This €450 million mega subsidy is in stark contrast to the paltry affordable €60 million affordable housing fund afforded to local authorities to deliver real affordable homes.

“For a Minister who spends his time repeating the phrase ‘I believe in homeownership’, Darragh O’Brien has a funny way of showing it.”