Vol. 545 No. 4
297 Mr. Gilmore asked the Minister for the Environment and Local Government if he will amend the terms of the shared ownership scheme, in order that participants who wish to buy out the council's equity have the full value of their repayments and rent payments offset against the buy out price; and if he will make a statement on the matter. [30771/01]
Under the shared ownership scheme, applicants are required to purchase at least 40% of the value of the dwelling and to rent the remaining share from the local authority. Under the current terms of the scheme applicants receive the full value of capital repayments which are offset against the purchase price. A rental subsidy is also payable to lower income applicants which substantially reduces the amount of rent payable. The offsetting of rent payments against the purchase price would be contrary to the principle of the shared ownership scheme which is designed to enable persons who cannot afford full purchase initially to part purchase and part rent their dwelling. I have no proposals to introduce an amendment as suggested by the Deputy.
