Dáil Éireann Debate, Tuesday - 25 January 2022
77. Deputy Richard Bruton asked the Minister for Housing, Local Government and Heritage when the details of the new initiatives for affordable purchase will be completed; and when these schemes will open for applications. [3345/22]
View answerThe Affordable Housing Act 2021, which I commenced in August 2021, laid the provisions for the introduction of two new affordable purchase schemes. These measures are being delivered via local authorities and the Land Development Agency and a new national First Home scheme.
The Local Authority led affordable purchase dwelling arrangements will support buyers in purchasing local authority delivered new homes by bridging the gap between the cost of the home and the combined value of the buyer's mortgage and deposit. Regulations to set out the detailed criteria are at an advanced stage and will be issued in the coming weeks. The first affordable purchase homes delivered through this scheme are anticipated to be made available next month in Boherboy, Cork City.
The First Home affordable purchase scheme will operate for the period 2022 to 2026 utilising funding of c. €400m. It will support first-time buyers on moderate incomes to buy a new-build home in private developments. A newly-established First Home Designated Activity Company to operate this scheme was incorporated in December. Significant work is continuing on the detailed design and parameters of the scheme, and full details will be confirmed upon completion of this work. It is anticipated that initial activity on key areas of work, including public communications, will begin in Q1, and in advance of First Home’s first receipt of applications and deployment of equity support, scheduled for Q2 this year.
