asked the Minister for Local Government if, in respect of subsidiable limits for local authority housing, he will amplify his reply of 21st May, 1970 to the effect that these limits have been revised four times since 1948-49; the dates and nature of the revisions and how the present subsidy of £106 for 50 years as compared with £57 in 1953 is computed.
Ceisteanna—Questions. Oral Answers. - Local Authority Housing.
87.
Since 1948-49 the subsidisable limit for a serviced house has been increased as follows:— From 31st October, 1950, £950; from 1st May, 1953, £1,500; from 1st April 1961, £1,650; from 31st December, 1968, £1,850.
The limits for unserviced houses and for flats were also increased from the same dates. The estimated average current subsidy of £106 a year represents two-thirds of the annual loan charges on £1,850 borrowed for a term of 50 years from the Local Loans Fund at 8½ per cent, which is the current rate of interest.
The comparable subsidy in 1953 of £57 a year is related to two-thirds of the annual loan charges on £1,500 borrowed for a term of 50 years from the Local Loans Fund at 5¼ per cent, the rate then applicable.