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welcome to the housing agencys video series on part five legislation this is the third of five videos that will explore part five of the planning and development acts 2000 to 2021. this video will look at the options to comply with part 5 in more detail the primary option to comply with part 5 is the transfer of land and this falls under section 963a of the act it provides for the transfer of 20 of the land to the local authority under this option the local authority pays existing use value as compensation for the land transfer to it existing use value refers to the value of the land without the benefit of planning permission or any hope value the local authority can then use this land to build and deliver social affordable purchase and cost rental housing a key term associated with part five is the net monetary value the net monetary value is the market value minus the existing use value market value as defined in the legislation refers to the price that the land would have fetched i