I propose to take Questions Nos. 1 to 15, inclusive, together.
The Cabinet committee on housing last met yesterday, Monday, 15 December. The committee works to ensure a cross-Government approach to the implementation of our commitments regarding housing policy. This week’s meeting was specifically focused on our homelessness challenge, in particular the national housing plan commitments in this regard, including the development of a homeless prevention framework and a child and family homelessness action plan.
We are making good progress on the delivery of homes to those most in need across the country, with the new housing plan committed to delivering 72,000 social homes over its lifetime. However, as we increase supply, we also recognise that those experiencing, or at risk of, homelessness have a wide and complex variety of needs. We need to ensure that the appropriate services and policies are in place to support them. Housing is our single biggest issue as a country, with profound social and economic consequences. That is why it is at the centre of the Government’s focus.
Along with the largest ever commitment on social housing, the new national housing plan commits to delivering 300,000 new homes, including 90,000 affordable supports to help people who are struggling to have a home of their own. The plan sets out the highest ever commitment of State funding for housing, with €28 billion over the next five years, coupled with additional funding through State vehicles, including the Land Development Agency, the Housing Finance Agency, Home Building Finance Ireland, the First Home Scheme and the Irish Strategic Investment Fund. Housing delivery, along with infrastructure and utility investment to enable delivery at scale, is at the core of the agreed national development plan published in July, and, at €275 billion, the largest ever capital injection in the history of the State.
To build homes at the scale now required, we need improved and more resilient water, energy and transport services. We will see large-scale investment in all of these areas over the coming years. Last month under price review 6, the investment plan for energy infrastructure was finalised, including funding allocations of up to €18 billion to ESB and EirGrid, leveraged by the Government injection of €3.5 billion in equity to these companies. This will enable thousands more homes to be connected to the grid.
We have also published the investment plan for water, which sets out over €12 billion investment in our water infrastructure, the majority of which will support the delivery of our housing targets. In addition, we are tackling barriers to delivery, through the accelerating infrastructure report and action plan, which includes reforms which will support public and private sector delivery of homes at scale.
Housing is at the centre of the State’s investment and focus for the coming years. However, to meet our targets, we will also need significant delivery from the private sector and we have implemented a number of measures and reforms in support of this. We have focused on making apartment delivery more financially viable, reformed our planning process and created a stable policy environment to enable the private sector to deliver at scale.
We are seeing indications now that our measures are beginning to take effect, evidenced by CSO data showing that we have had an increase of almost 30% in homes approved for planning in quarter 3 of this year, in comparison with the same time period last year, with the number of apartments approved up by over 50%. These are clear indications of confidence. Work is under way to zone a significantly higher quantum of land across the country. Now is the time for ambitious execution, and we have set out a clear framework and roadmap for the coming years to do this. I am confident that we can build on our success to date and bring about a very significant scale-up in our delivery of housing over the lifetime of this Government.