The Programme for Government, 'Our Shared Future', commits to putting affordability at the heart of the housing system. On 22 December 2020, Government approved the priority drafting of the Affordable Housing Bill 2020, the General Scheme of which I published on 20 January last.
The Bill includes provisions to underpin three schemes which will prioritise the increased supply of affordable homes through (1) affordable homes delivered by local authorities utilising the Serviced Sites Fund, (2) a new affordable purchase shared equity scheme for private homes, and (3) the introduction of a new form of tenure in Cost Rental.
Budget 2021 allocated €75 million for the affordable housing shared equity scheme to be introduced later this year. The scheme will be targeted at first time buyers of new build homes who would otherwise not be in a position to buy a home. The detailed design aspects of the scheme, including eligibility criteria and price caps, is currently ongoing, and will be informed by our continued engagement with all relevant stakeholders.