Dáil Éireann díospóireacht -
Tuesday, 4 Nov 2003

Vol. 573 No. 3

Written Answers. - Social and Affordable Housing.

Róisín Shortall

Ceist:

706 Ms Shortall asked the Minister for the Environment Heritage and Local Government the document in which, under the affordable housing scheme, it is set down by his Department that applicants may not switch to a loan from a private lending institution within the first three years, if the cost of the home exceeds the maximum annuity loan and the applicant must use the shared ownership scheme; the reason this is the case; if his attention has been drawn to the significant extra costs imposed on applicants due to these restrictions; and if he will review it. [25450/03]

Minister of State at the Department of the Environment, Heritage and Local Government (Mr. N. Ahern)

Houses sold under the affordable housing scheme may be purchased by way of shared ownership. This facilitates home ownership in a number of steps to purchasers who cannot afford full ownership in the traditional way and is aimed at lower income house purchasers, especially first-time buyers. A person may purchase the local authority's share of the property outright and acquire full ownership, or, alternatively, this may be done by purchasing from time to time, additional shares of the authority's equity.

Implementation and management of sales of affordable houses by way of shared ownership, including determination of the amount and frequency of equity purchases, is a matter for arrangement by individual local authorities.

Question No. 707 answered with Question No. 671.