Dáil Éireann Debate, Tuesday - 11 February 2014
397. Deputy Thomas P. Broughan asked the Minister for the Environment, Community and Local Government the current allocation for the local authority mortgage to rent scheme; and when the scheme will be rolled out on a national basis. [6569/14]
View answerOn foot of the recommendations of the Keane Report on mortgage arrears, the Government launched a Mortgage to Rent scheme on a pilot basis in February 2012. This scheme was extended nationally in June 2012, targeting those low income families whose mortgage situation is unsustainable and where there is little or no prospect of a significant change in circumstances in the foreseeable future. The Scheme ensures that the family remains in their home, while ownership is transferred to an approved housing body and the family becomes a tenant of the approved housing body. Eligibility requirements are in line with other forms of social housing support.
A Mortgage to Rent scheme for local authority borrowers in arrears has also been piloted in two local authority areas, namely Westmeath County Council and Dublin City Council. This Scheme was rolled out nationally very recently and, with the support of the Minister for Public Expenditure and Reform and the Housing Finance Agency, I will be allocating an additional €20m to the Mortgage Arrears Resolution Process (MARP) fund in 2014 to significantly expand the capacity of that resource to assist households in mortgage distress.
