Dáil Éireann Debate, Thursday - 30 September 2021
188. Deputy Róisín Shortall asked the Minister for Housing, Local Government and Heritage the details of the cut-off point in terms of household income for eligibility for the proposed new affordable purchase scheme; and if he will make a statement on the matter. [47313/21]
View answerThe Programme for Government, Our Shared Future, sets out the objective that everybody should have access to sustainable, good quality housing to purchase or rent at an affordable price, built to a high standard, and located close to essential services, offering a high quality of life.
Housing for All confirms the introduction of two new affordable purchase scheme. The first will see the delivery of affordable homes by local authorities. The second will see the introduction of a 'First Home' affordable purchase shared equity scheme for homes in private developments. Both of these schemes are primarily focused on supporting first-time buyers purchasing newly-built homes. In terms of eligibility, they will be targeted at households constrained by the maximum mortgage and deposit available to them. The schemes will bridge the gap between the market value and what the household can afford via the provision of equity support. The equity support can subsequently be redeemed at any time at the home-owner’s discretion, or remain outstanding until the home is sold or passed on.
The detailed design of the First Home is currently progressing, for the scheme’s introduction in early 2022. Eligibility will be informed by the Central Bank’s macro-prudential rules along with designated price ceilings established by area for the scheme. Price ceilings for eligible homes and the maximum level of support available will be confirmed in advance of the scheme’s operation.
It is intended that Regulations regarding income eligibility in respect of the Local Authority Affordable Purchase Scheme will be put in place by November.
