The State faces a €372 million bill over 25 years for social housing that will ultimately return to private investors under the Enhanced Leasing Scheme.
Launched in 2018, the scheme has delivered between 558 and 669 homes, according to varying figures from the Department of Housing and local councils. Investors receive up to 95% of market rent, with reviews every three years.
The arrangement will see these properties revert to their original owners by 2044, with no plan for housing continuity. Sinn Féin’s housing spokesman Eoin Ó Broin criticized the scheme as “massively expensive” and detrimental to community stability, calling for its immediate termination.
A 2018 Department of Public Expenditure report highlighted that rental supports and leasing costs exceeded construction and acquisition expenses in areas with higher housing prices, like Fingal and Meath.
While the Department of Housing confirms the scheme remains active, it will stop accepting new entrants by the end of 2025. The program targets developments of 20 or more homes, encompassing new, vacant, and planned properties.
According to The Irish Examiner, any future policy changes will be determined by the next government.