Dáil Éireann Debate, Thursday - 7 July 2016
117. Deputy Fergus O'Dowd asked the Minister for the Environment, Community and Local Government if he will increase the income limit for families who have dependent children who apply for house purchase loans under Statutory Instrument No. 408 of 2012; and if he will make a statement on the matter. [20135/16]
View answerThe standard annuity mortgage available from local authorities is targeted at lower income first time buyers. The relevant terms and conditions applying to local authority housing loans are set out in the following regulations – the Housing (Local Authority Loans) Regulations 2012 – available at: http://www.irishstatutebook.ie/eli/2012/si/408/made/en/print.
To support local authorities in operating their housing loan schemes in a consistent and efficient manner, the Housing Agency provides a central underwriting service to local authorities. The credit underwriting process considers the impact that family circumstances may have on the loan applicant’s capacity to make loan repayments. The final decision on loan approval is a matter for the relevant local authority and its credit committee on a case-by-case basis and in accordance with the relevant statutory Credit Policy that underpins the scheme and aims to ensure prudent lending.
I will continue to keep the operation of the local authority housing loan schemes under review. I have no immediate plans to amend the income limits set out in the Regulations.
