Wednesday, 11 December 2019

Questions (75)

Eoin Ó Broin

Question:

75. Deputy Eoin Ó Broin asked the Minister for Housing, Planning and Local Government the most up-to-date figures on the Rebuilding Ireland home loan scheme; the number of loans applied for; the number of loans approved; the number drawn down; and the average loan amount in the three categories. [51757/19]

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Written answers (Question to Housing)

The Housing Agency provides a central support service which assesses applications for the Rebuilding Ireland Home Loan on behalf of local authorities and makes recommendations to the authorities to approve or refuse applications.

Each local authority must have in place a Credit Committee and it is a matter for the Committee to make the final decision on applications for loans, in accordance with the regulations, and having regard to the recommendations made by the Housing Agency.

I have asked the Agency to compile figures on the numbers of applications that it has assessed and recommended to approve since the scheme began. In 2018, the Housing Agency assessed 3,036 valid applications. Of these, it recommended 1,550 for approval. For 2019, as of end-November 2019, the Housing Agency have assessed 2,476 valid applications of which 1,225 have been recommended for approval.

My Department publishes information on the overall number and value of (i) local authority loan approvals and (ii) local authority loan drawdowns. Local authority approval means that an official letter of offer has been sent to a borrower (and therefore relates to a specific property and loan amount). Information on the RIHL up to Quarter 2 2019, including in relation to the number and value of mortgage approvals and drawdowns and also average loan amounts is available on my Department's website at the following link:

http://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity.

Question No. 76 answered with Question No. 48.