asked the Minister for Finance if he is aware that in consequence of the inadequate financial provisions of the Housing Act, 1931, housing schemes have been held up all over the Saorstát and if, in view of this, he will disclose the terms under which it is proposed to advance moneys to local authorities to bring about the lower rents indicated in his Budget statement.
Ceisteanna—Questions. Oral Answers. - Money for Housing Schemes.
As the Deputy doubtless has personal knowledge of the position, I am prepared to accept his submission that housing schemes have been held up for the reason indicated in his question. I am not yet in a position to state the exact terms upon which moneys for housing will be advanced to local authorities. The present intention, however, is to make the advances repayable on the annuity system and it is expected that the annuity payments to cover interest and sinking fund will be at the rate of about 5½ per cent. per annum.