Dáil Éireann Debate, Wednesday - 9 July 2014
335. Deputy Michael McGrath asked the Minister for the Environment, Community and Local Government the total loans outstanding to the Housing Finance Agency in respect of each local authority; the date by which these loans must be repaid; and if he will make a statement on the matter. [30254/14]
View answer336. Deputy Michael McGrath asked the Minister for the Environment, Community and Local Government in respect of a scheme run by the Housing Finance Agency in the 1980s whereby persons were provided with loans for house purchase, the number of loans that are outstanding under the scheme; the number in arrears; the rate of interest that applies to such loans; if he is considering changes to the way the scheme operates; and if he will make a statement on the matter. [30255/14]
View answerI propose to take Questions Nos. 335 and 336 together.
Appendix 1 of the Housing Finance Agency 's (HFA) 2013 Annual Report sets out the year end loan balances of each local authority. The Report is displayed on the homepage of the HFA website, www.hfa.ie Lending comprises various loans with repayment dates varying from 1 year to 4 0 years. The HFA only lends to local a uthorities and Approved Housing Bodies and has no arrears. Under the 1980’s house purchase loan scheme, a total of €403 million was advanced by the HFA to local authorities to finance 15,571 mortgages. On 31 December 2013, 301 of these loans were still outstanding with a corresponding total loan balance of €11.45m (i.e. an average loan amount of just over € 38,000). Current interest rates are as listed in Schedule 1 A and 1 B of Circular HFA 236 which can be found on the Housing Finance Agency’s website at http://www.hfa.ie/WebPublication/Circulars/HFA%20236.pdf
Overall, the scheme has successfully funded over 15,000 homes for families who would, otherwise, not have obtained a house loan. No new loans have issued under this scheme since 1986 and there are no plans to alter this position. As individual local authorities administer the scheme, the arrears information requested is not available in my Department nor in the HFA.
