asked the Minister for Local Government if he will indicate what steps he proposes to take to ameliorate the position of borrowers under the Small Dwellings Acquisition Acts.
Ceisteanna—Questions. Oral Answers. - Small Dwellings Acquisition Acts.
The existing law requires a person borrowing under the Small Dwellings Acquisition Acts to contribute towards the purchase price or the cost of building at least 5 per cent. of the market value of the house, exclusive of a grant under any enactment. I am having a review made of the effects of this requirement.
As regards the rate of interest charged on advances made under the Acts, this varies from time to time with the rate at which the local authorities may borrow for the purpose of making the advances. With the exception of Dublin and Cork Corporations, local authorities borrow for this purpose from the Local Loans Fund. The question of the rate of interest charged on loans from the Local Loans Fund is one for the Minister for Finance.