Dáil Éireann Debate, Wednesday - 21 November 2018
247. Deputy Declan Breathnach asked the Minister for Housing, Planning and Local Government if his attention has been drawn to the large number of applicants being refused the Rebuilding Ireland home loan even in cases in which they have shown an ability to repay; his plans to revise the lending criteria pertaining to the scheme in order that more persons will be successful in obtaining a loan; and if he will make a statement on the matter. [48448/18]
View answer248. Deputy Declan Breathnach asked the Minister for Housing, Planning and Local Government the number of successful Rebuilding Ireland home loans in County Louth since the scheme commenced; and if he will make a statement on the matter. [48449/18]
View answerI propose to take Questions Nos. 247 and 248 together.
The Rebuilding Ireland Home Loan Scheme was launched in February 2018 to replace the existing House Purchase and the Home Choice Loan Schemes. The Scheme has been established under the Housing (Rebuilding Ireland Home Loan) Regulations 2018, which also provide that I as Minister issue a Statutory Credit Policy. The purpose of the Policy is to set out in more detail the eligibility criteria for obtaining a loan and procedures to be followed by local authorities in considering loan applications. In addition, the Housing Agency has been given the task of carrying out assessments of the loan applications on behalf of the authorities and making recommendations in respect of each application. Each local authority must have in place a credit committee and it is a matter for the committee to make the decision on applications for loans, in accordance with the Regulations and Statutory Credit Policy, having regard to the recommendations made by the Housing Agency.
In line with best practice, I have asked my Department to undertake a review of the operation of the Scheme. The review will have regard to inputs from local authorities, the Housing Agency and Housing Finance Agency, and will also take account of relevant issues raised by public representatives since the Scheme was introduced. However, in making any recommendations in relation to the operation of the Scheme, the review will also have to respect the need to ensure that lending is undertaken on a prudential basis, so as to protect the financial interests of applicants and the local authorities.
In relation to the number of successful applicants for the Rebuilding Ireland Home Loan in Co Louth, I have asked the Housing Agency to centrally compile figures on the numbers of applications it has recommended to local authorities for approval . The most recent figures, as at the end of October, indicate that the Agency had recommended 22 loan applications for approval by Louth County Council.
