To ask the Minister for Communities what discussions she has had with the Minister of Finance on the Housing Executive's debt.

Ms Hargey

I am committed to delivering on the pledge made in 'New Decade, New Approach' that the Executive will examine options to remove the historical debt from the Housing Executive. I have already met Minister Murphy to discuss the matter and to explore what may be done in relation to the Housing Executive's landlord legacy debt. As Members may already be aware, the historical debt results from loans that were generally taken out to finance new-build housing activities by the Housing Executive and its predecessor organisations, including the Housing Trust and former local authorities. The level of historical debt, including capital and interest outstanding, at 31 December 2019 was £332 million. That is due for repayment to the Department of Finance and councils by 2036-37. There is a significance to the Housing Executive debt because of the massive investment challenge it faces if it is to provide a sustainable and long-term future for its portfolio of social homes. Action on the Housing Executive may play a part in addressing that, albeit a minor part alongside many more substantial actions. Revitalisation of the Housing Executive is key, and I will engage on that in the time ahead.

Ms Hargey

I am looking at considering the revitalisation of the Housing Executive. Obviously, we will need to look at a number of levers over the next 10 years. Once I finalise my view of the future direction of this, I will inform the Chamber and the Committee.

Ms Ní Chuilín

I thank the Minister for her response, particularly to Kellie Armstrong's question. My question is similar. The 'New Decade, New Approach' document has within it the potential for removing historical debt from the Housing Executive. Will the Minister ensure that any proposals to increase rents are matched against affordability? How will the commitments around the revitalisation and the removal of historical debt be delivered within this Assembly?

Ms Hargey

Obviously, affordability is key, because we do not want to increase the burden on the renter or, indeed, the public purse. We will look at the revitalisation of the Housing Executive in the whole. We will look at investment opportunities with existing stock and then look at the wider housing stock more extensively. I have raised the issue, along with corporation tax, with the Minister of Finance. While those will provide some solutions, a complete look at the revitalisation of the Housing Executive will be needed over the next 10 years. We will have to look at the debt, the income that is generated and, importantly, how we maintain existing stock whilst looking at an ambitious housing programme in the time ahead. The renter — the person in each of the homes — needs to be protected in all cases.

Mr Newton

I note that the Minister has used the word "revitalisation" several times in her answers to the question. Will the Minister consider revitalisation to include the potential of the Housing Executive to build new homes? Where there is demolition of Northern Ireland Housing Executive homes, will the Minister consider that those sites will stay within and become an asset of the Northern Ireland Housing Executive?

Ms Hargey

I will look at all housebuilding options. At the moment, we build 1,750 new builds per annum, the majority of which are in housing associations. When you look at the increased housing need, you see that that is not enough to meet the need, particularly of those in critical need. I will look at this overarchingly in the time ahead. Dealing with the debt issues and the issues around corporation tax is one element of what needs to happen in the Housing Executive. We also need to look at the rents in a more holistic way and at other solutions and means of financing. There is financial transactions capital and the ONS legislation that needs to come forward. I will look at all those options in the time ahead, as I lay out my vision and my future approach to where housing will go. I will do that in the coming weeks and months.