asked the Minister for Local Government the number of tenants of Dublin Corporation who have expressed their desire to purchase their houses.
23.
Ceisteanna—Questions. Oral Answers. - Dublin Corporation House Purchase Scheme.
22.
asked the Minister for Local Government if tenants of Dublin Corporation who wish to purchase their houses will still be able to obtain loans at 7½ per cent; and if he will ensure that the interest rate will remain at that level.
With your permission, a Cheann Comhairle, I propose to take Questions Nos. 22 and 23 together.
Up to 1st May, 1969, 6,487 tenants had applied to purchase their houses under section 90 of the Housing Act, 1966.
The decision as to the rate of interest to be charged to purchasers who choose to pay for their houses over a period of years is a matter for the local authority to decide, subject to the requirement that the rate shall not be less than that at which the authority may, at the time of the making of the scheme, borrow from the Local Loans Fund. Some authorities, in fact, charge the same rate as applies to loans under their ordinary scheme for the making of loans to private persons with incomes of up to £1,200 to help them to buy their own houses.
What is the present Local Loans Fund rate?
The rate on advances from the Local Loans Fund in December last was seven and threequarter per cent.
It is eight per cent to the borrower.
The rate currently payable on advances from the Local Loans Fund is eight and a half per cent.
Eight and a half per cent.
Is the Minister aware that we got an undertaking from the city manager, prior to the dissolution of the city council, that tenants who had opted to buy their own homes would get the loans at the seven and a half per cent rate and will he ensure that that promise is fulfilled?
Does the Deputy not trust the Manager?
It is not proposed to raise any objection to this.
Not before an election.