asked the Minister for Local Government if he will state the amount of the increased loan charges payable by local authorities borrowing from the Local Loans Fund and the resultant weekly increase in rent on a house costing £1,500 provided by a local authority for the housing of the working classes.
Ceisteanna—Questions. Oral Answers. - Local Loans Charges and Increased Rents.
It is presumed that the Deputy's question relates to the recent increase in the rate of interest on loans from the Local Loans Fund. The additional loan charges payable in respect of a house costing £1,500 at the revised lending rate would be £9 8s. 9d. per annum. State contributions towards loan charges would meet £6 5s. 10d. of the additional charge in the case of a dwelling qualifying for the major subsidy of 66? per cent. of the loan charges and £3 2s. 11d. in the case of a dwelling qualifying for the minor subsidy of 33? per cent. of the loan charges. If the full amount of the balance of the additional charge were put on to the rent by the housing authority it would represent 1/2? a week in the first case and 2/5 a week in the second case. Most of the houses being provided by housing authorities under the Housing of the Working Classes Acts qualify for the higher rate of subsidy.