Dáil Éireann Debate, Tuesday - 4 October 2022
282. Deputy Richard Bruton asked the Minister for Housing, Local Government and Heritage if he has considered any intervention to assist older persons with a good income who find their age confines them to a small mortgage to acquire a suitable small dwelling; and if he will consider piloting a shared equity initiative targeted at such a category. [48198/22]
View answerThe Government supports two affordability schemes which operate using a shared equity model, namely, the Local Authority Affordable Purchase Scheme and the First Home Scheme. Both schemes are open to older persons whose available mortgage financing will not meet the open market value of a new home, provided they meet the usual eligibility requirements. While applicants to both schemes must generally be first-time buyers, the Local Authority Affordable Purchase legislation contains provisions for those who previously purchased a home which is no longer of a suitable size for their accommodation needs, and this may support ‘rightsizing’ by older persons looking for smaller dwellings.
Where older persons are not first-time buyers and are seeking to rightsize, it is expected that the equity available from the sale of their existing home would be available to support their purchase of a smaller dwelling.
In addition, the Housing for All policy objective to make more efficient use of existing housing stock includes the development of a national policy on rightsizing and to explore options to support and incentivise rightsizing on a voluntary basis. Work is underway through my Department to inform and progress the development of national policy on rightsizing this year.
