Wednesday, 9 October 2013

Questions (153, 154)

Catherine Murphy

Question:

153. Deputy Catherine Murphy asked the Minister for the Environment, Community and Local Government if the review of the shared ownership loan scheme is complete; if he will share the findings of the report; and if he will make a statement on the matter. [42664/13]

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Catherine Murphy

Question:

154. Deputy Catherine Murphy asked the Minister for the Environment, Community and Local Government his views on whether there is a potential risk to local authorities in cases where persons are unable to buy out their portion of the shared ownership loans where the value of the property has fallen significantly; and if he will make a statement on the matter. [42671/13]

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Written answers (Question to Environment)

I propose to take Questions Nos. 153 and 154 together.

The Government’s 2011 housing policy statement announced the standing down of all affordable housing schemes, including the shared ownership scheme, in the context of a full review of Part V of the Planning and Development Act. That review is available on my Department’s website www.environ.ie and the period for public submissions closed on 27 September 2013.

Earlier this year, I asked the Housing & Sustainable Communities Agency to conduct a standalone review of the shared ownership scheme, including identification of the main difficulties and recommendations for mitigating measures. I have received an interim draft of the review from the Agency and I intend to issue a circular letter to local authorities this month with preliminary recommendations arising from the review. A number of issues have been identified that need further detailed financial analysis in order to fully assess the impact on local authority finances of possible mitigating measures. This additional work is underway and I expect to make further recommendations in the coming months.