The Taoiseach says the new Land Development Agency will be as significant as the decision to establish the ESB, Aer Lingus or the IDA.
Funding of €1.25 billion has been announced for the agency which will make state land available, and use compulsory purchase orders to obtain nearby land for the construction of new homes.
Its aim is to build 150,000 new homes over the next 20 years.
Housing Minister Eoghan Murphy will sign the Land Development Agency into law today with a chief and management team already in place.
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