Midlands North West MEP Ciaran Mullooly has said that the Irish Government's plan to deliver 300,000 new homes before 2030 has no chance of being delivered unless there is a change in the funding system used here.
MEP Mullooly cited a housing model used in Austria that has been globally recognised which uses the cost rent principle.
Under this model, rents are based on actual construction, maintenance and financing costs rather than market demand.
As a result, it ensures long-term affordability and stability for tenants.
Speaking last night, MEP Mullooly said that using this model will make new homes more affordable throughout the country.
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