244. Deputy Cathal Crowe asked the Minister for Housing, Local Government and Heritage for an update on the third call under the Urban Regeneration and Development Fund announced on 28 May 2024; if the funding to all local authorities announced (details supplied) was drawn down; and the number of residential units that have been provided to date. [66275/26]

A flagship element of Project Ireland 2040, the €2.5 billion Towns and Cities Regeneration Investment Fund, formerly the Urban Regeneration and Development Fund (URDF), is supporting a programme of significant transformational projects that will contribute to the regeneration and rejuvenation of Ireland’s cities and other large towns, in line with the objectives of the National Planning Framework and the National Development Plan.

On 14 September last, I announced the list of 119 projects, representing a potential investment of €409m, that are being been added to this programme alongside the specific urban regeneration and development projects previously announced under Calls 1 and 2 of the former URDF.

The third round of funding (Call 3) is designed to address long-term vacancy and dereliction, and support the key objectives of Housing for All and Town Centre First. It provides a €150 million revolving fund for local authorities to acquire long-term vacant or derelict properties in eligible towns and cities. Acquired properties are then offered by local authorities for private sale at market value to those who in return will commit to bringing the property back into use. Proceeds from the sale of these properties is used to replenish the fund, allowing a local authority to establish a rolling programme to tackle long-term vacancy and dereliction without a requirement for borrowing and the associated financial risk.

In terms of funding provided under Call 3, €142.5 million has been allocated to local authorities to date. As a signal of Government commitment to this initiative local authorities received 20%, (i.e. €28.5 million) of their financial allocations by way of forward funding so that they were well resourced to begin addressing this issue.

The key objective of Call 3 is to ensure properties are brought out of vacancy and dereliction. The use of Call 3 funding to acquire properties is only one of the ways in which the programme achieves this objective. Properties approved for inclusion in the programme are not immediately acquired by local authorities. An initial engagement by the local authority with the property owner provides an opportunity for that owner to bring the property back into use in the first instance without the need for further local authority intervention.

The most recent Call 3 Report shows 1,428 properties on Local Authority's approved acquisition lists. Some 440 properties are being brought back into use by property owners in this manner and these properties will be monitored by local authorities to ensure the properties are brought back into use. Call 3 has also been a catalyst for another 93 properties being dealt with under different housing programmes. An additional 212 properties have been identified as not being vacant or derelict upon further review by the local authorities.

Additionally, 81 properties have been acquired by the Local Authorities and an additional 63 properties are currently in the process of being acquired. Taken together, this demonstrates that, of a total of 889 properties, just over 62% of the properties approved onto the programme are now either actively coming out of vacancy/dereliction or were found to not be vacant/derelict.

As it is a matter for the relevant private owners as to what use they make of these properties once they are brought back into use, I am not in a position to provide detailed and accurate figures on the precise number of residential units that are ultimately provided. What I can say is that the programme has achieved transformative outcomes for these properties at a cost to the Exchequer to date of just under €10 million. That this is being achieved primarily through local authority engagement with the original owners in bringing the properties back into use adds to this success as it incurs very little cost to the State while achieving the policy objectives.