A record breaking €1 billion is to be invested into public housing around the country, the Government said today.
Minister for Housing Noel Ahern claimed the €1.2 billion investment was the largest of its kind and would see nearly 14,000 new homes.
The funding is also intended to finance major regeneration work in housing estates in seven local authority areas.
Mr Ahern highlighted the major regeneration efforts under way in the Ballymun area of Dublin, confirming €65 million would finance continued regeneration work.
"Substantial progress is now being achieved in the regeneration of Ballymun. It is anticipated that a further 400 houses will be completed this year and 300 new houses will be started," he added.
The total allocation announced today provides for work in progress on over 8,300 housing units and for local authorities to complete construction work and acquire 5,500 new houses this year, including dwellings completed under regeneration projects.
Funding has also been made available to seven local authorities to undertake regeneration of a number of estates in Cork, Limerick, Waterford, Dundalk, Sligo and several locations in Dublin.
The Minister also added that local authorities now have delegated authority to use the proceeds from the sale of their dwellings, under the Tenant Purchase Scheme, to fund planned housing improvement works.