Dáil Éireann Debate, Tuesday - 1 December 2020
309. Deputy Joe Flaherty asked the Minister for Housing, Local Government and Heritage the number of houses in County Longford connected with index-linked shared-ownership loans or leases; the number that are lease-only and have no loan component; the number of households that took over these lease-only arrangements by year and property; and the likely cost of redeeming the lease and attaining full ownership in tabular form. [40282/20]
View answerMy Department collects information on Shared Ownership Loans from local authorities. At the time of issue, all Shared Ownership loans combined a standard annuity loan with an equity component, which represented the local authority’s share of the ownership of the property.
In pre-2003 Shared Ownership Schemes the equity component is indexed in line with the Consumer Price Index. Based on Q2 2020 data, Longford County Council has 21 active Shared Ownership loans where the reported drawdown date of the loan precedes the cut-off date 1 January 2003.
As regards attaining full ownership of their home, once borrowers redeem the equity loan component of their Shared Ownership loans the local authority will no longer own a share of their home.
