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Progress under the Land Aggregation Scheme

Audit Id 1603727317550
Título Progress under the Land Aggregation Scheme
Tí tulo en el idioma original

Progress under the Land Aggregation Scheme

English

Año 2020
Asunto

Housing, Property and Construction

Tipo

Performance

Tipo de acción

Performed by single SAI

Descripción The Land Aggregation Scheme (LAGS) was established in 2010 to alleviate the financial burden on lrish Local authorities, linked to the financial crisis in 2008, which affected their ability to repay loans that had been obtained from the Housing Finance Agency for the purchase of land. In return for LAGs funding, local authorities were required to transfer the related land to the Housing Agency which was then responsible for managing and developing the sites. The scheme closed in December 2013. This examination presents an update on the transfer of approved sites from local authorities and reviews progress made by the Housing Agency in developing sites that have transferred. It also provides an overview of LAGS funding to date and considers the impact of the scheme in the context of the level of indebtedness of local authorities. All but one of the 73 sites approved under LAGS had been transferred by the relevant local authority to the Housing Agency by the end of 2019 — the 72 sites transferred had originally been purchased by the local authorities for around €125 million. The report recommends that the Housing Agency should seek to put development plans in place as a matter of urgency for four sites identified in 2018 as being ready for development but for which there are currently no development plans or proposals. The report also recommends that the Housing Agency develops longer term plans for sites considered not ready for development and that it sets a timeframe for future revaluations of LAGS sites.
País

Ireland

Materiales

Audit report

English

Download report
Contacto
Shane Carton
Shane.Carton@audit.gov.ie
https://www.audit.gov.ie/en/
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