Fergus O'Dowd
Question:659. Deputy Fergus O'Dowd asked the Minister for Housing, Local Government and Heritage to respond to concerns raised (details supplied); and if he will make a statement on the matter. [48154/23]
View answerTuesday, 7 November 2023
Questions (659)
Written answers
Housing for All delivers on the Programme for Government commitment to step up housing supply and put affordability at the heart of the housing system and my Department has introduced a number of initiatives to support the delivery of affordable homes for purchase by first time buyers.
The Local Authority Affordable Purchase Scheme (LAAPS) was introduced to assist first-time buyers purchasing Local Authority-delivered new homes. This scheme uses an equity share model to give eligible purchasers the opportunity of home ownership at a significant discount. The assessment of eligibility and the level of support available is household-specific, so purchasers are only supported when they need this assistance to afford the home.
The First Home Scheme, launched on 7 July 2022, employs a similar equity share model in order to support the purchase of new homes in the private market. Full details of the First Home Scheme are available at: www.firsthomescheme.ie .
The First Home Scheme Ireland DAC (Designated Activity Company) was established for the purposes of managing and overseeing the First Home Scheme on behalf of all participants. Any policy change or expansion of the Scheme would be a matter for consideration by the First Home Scheme DAC and its Board. In relation to HTB and First Home, the FHS can fund up to 30% of the property purchase price or build cost (for Self-builds), with this amount reduced to 20% if the applicant is availing of the Help to Buy Scheme (HTB).
The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The Help-to-Buy scheme is administered by the Department of Finance and any development or expansion of the scheme comes under the remit of that Department. Details of HTB can be found on the Revenue’s website, www.revenue.ie .
As Minister, I continue to consider all options that support innovation and the delivery of affordable homes under Housing for All.