asked the Minister for Local Government if he will state whether it will be possible to provide houses at rents within the compass of the means of workers in the Dublin City area if Dublin Corporation is forced to borrow money at a rate of interest as high as 3½ per cent.
Ceisteanna—Questions. Oral Answers. - Housing Loans.
I have not so far received any proposals to fix rents for houses based on the terms of the new loan but I have no doubt that the Dublin Corporation, with the aid of the normal State and rates subsidies, will continue to be in a position to provide houses at rents within the compass of the workers' means.
Practically all the houses provided by the corporation in the last 30 years have been financed by money borrowed at a rate of interest higher than 3½ per cent.
I might add that, with a view to bringing rents of new houses more within the means of prospective tenants on low incomes, the corporation is proposing to introduce a system of differential rents for such houses.
Will the Minister urge upon his colleague, the Minister for Finance, and upon the Government the desirability of utilising and making available for the corporation the moneys invested in London by the Central Bank, which are only earning for the Government a rate of interest of 1.16 per cent.?
Is the Minister not aware that the Dublin Corporation contemplate shortening the period for the repayment of loans owing to their failure to secure a loan?
I am not so aware.