Dáil Éireann Debate, Tuesday - 22 March 2016
533. Deputy Michael McGrath asked the Minister for the Environment, Community and Local Government about the status of an application for a mortgage-to-rent by a person (details supplied) in County Cork; if he is aware of the urgency of this case; and if he will make a statement on the matter. [5054/16]
View answerUnder the Approved Housing Body (AHB) Mortgage to Rent Scheme (AHB-mortgage-to-rent) an AHB can acquire ownership of a property with an unsustainable private mortgage, enabling the household to remain in their home as a social housing tenant.
To be eligible for the scheme a household must have had their mortgage position deemed unsustainable under the Mortgage Arrears Resolution Process and agree to the voluntary surrender of their home. In general the mortgage must be in negative equity with some cases of positive equity considered on a case by case basis. The household must also be deemed eligible for social housing.
Once a case comes within the criteria and the householder has provide d consent to the lender to share information, the Housing Agency seeks an Approved Housing Body to complete the transaction and prepares a submission to my Department for funding approval.
In relation to the specific case raised, I understand from the Housing Agency that it has offered this property to an AHB and a survey has been carried out to ascertain both the condition of the property and to identify any repairs required. The AHB is currently considering the findings of the survey and is to revert to the Housing Agency shortly. At that point a funding request may be made to by Department by the AHB.
My Department frequently emphasises, to all parties concerned, the necessity for MTR cases to be dealt with in an efficient and timely manner.
