Dáil Éireann Debate, Thursday - 29 March 2018
447. Deputy John Curran asked the Minister for Housing, Planning and Local Government the way in which the Rebuilding Ireland home loan scheme will deliver affordable homes to buy; and if he will make a statement on the matter. [14541/18]
Amharc ar fhreagraAs the Deputy is aware, following a review of the two existing local authority home loan schemes, the House Purchase Loan and the Home Choice Loan, a new loan offering, known as the Rebuilding Ireland Home Loan, was introduced on 1 February 2018.
The new loan is designed to enable credit-worthy first-time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range. The scheme is targeted at first-time buyers who have access to an adequate deposit and have the capacity to repay a mortgage, but who are unable to access a mortgage sufficient for them to purchase their first home.
Other aspects of the Rebuilding Ireland Action Plan for Housing and Homelessness address the delivery of more affordable homes. This is a major priority for Government, focusing in particular on the cities of Dublin, Galway and Cork, where people are facing the greatest affordability challenge. Increased delivery of homes at more affordable prices will involve local authorities developing their own residential land bank, comprising some 1,700 hectares, to its full potential.
I am providing Exchequer funding of €25 million, over 2018 and 2019, as a key contribution towards the delivery of more affordable housing. I expect that in the region of 3,000 new affordable homes can be made available through a range of schemes and initiatives, with the long-term ambition for some 10,000 additional affordable homes to be provided for sale or rent, as the initiatives are rolled out.
