Vol. 533 No. 1
115 Mr. Haughey asked the Minister for the Environment and Local Government if he will instruct Dublin Corporation to update the rental equity portion of shared ownership loans only on 1 July each year in cases where applicants wish to convert to a mortgage; and if he will make a statement on the matter. [8325/01]
Under the terms of the shared ownership scheme, the local authority's equity interest, on which the applicant's rent is calculated, is updated in line with inflation on 1 July each year. Where a shared owner wishes to acquire all or part of this equity, the cost of purchase is determined on the basis of the original cost of the equity updated in line with inflation to its current value at the time of purchase. I have no proposals to ask Dublin Corporation to change its procedures in this regard.
