Home Loan Scheme

Dáil Éireann Debate, Tuesday - 12 March 2019

Tuesday, 12 March 2019

Ceisteanna (696, 711, 719, 725, 726)

Thomas Byrne

Ceist:

696. Deputy Thomas Byrne asked the Minister for Housing, Planning and Local Government when funding for the Rebuilding Ireland home loan scheme will be made available to Meath County Council. [11588/19]

Fergus O'Dowd

Ceist:

711. Deputy Fergus O'Dowd asked the Minister for Housing, Planning and Local Government the steps taken in order to reopen the Rebuilding Ireland home loan scheme; the proposed date for the reopening of the scheme; and if he will make a statement on the matter. [11873/19]

Róisín Shortall

Ceist:

719. Deputy Róisín Shortall asked the Minister for Housing, Planning and Local Government the reason he has instructed Dublin and Fingal county councils to cease taking in new applications for the Rebuilding Ireland home loan scheme; if his attention has been drawn to the stress and worry that this is causing persons hoping to take up the loan; when the matter will be resolved; and if he will make a statement on the matter. [12261/19]

Jan O'Sullivan

Ceist:

725. Deputy Jan O'Sullivan asked the Minister for Housing, Planning and Local Government if there will be no delay in approving Rebuilding Ireland home loan applications due to funding shortages for the scheme in view of his clarification that councils can continue to accept and process applications for the scheme; and if he will make a statement on the matter. [12333/19]

Lisa Chambers

Ceist:

726. Deputy Lisa Chambers asked the Minister for Housing, Planning and Local Government the local authorities that have reached their spending limit under the Rebuilding Ireland home loan scheme; and when further funds will be allocated. [12348/19]

Freagraí scríofa

Minister for Housing, Planning and Local Government

I propose to take Questions Nos. 696, 711, 719, 725 and 726 together.

The Rebuilding Ireland Home Loan scheme was launched in February of last year to replace the existing local authority mortgage schemes, which were funded through loans that local authorities obtained from the Housing Finance Agency (HFA) for that purpose.

When the Rebuilding Ireland Home Loan was initially being developed, it was estimated that the drawdown of loans under the scheme would be approximately €200 million over three years. The scheme has proven to be far more successful than originally anticipated, and the level of funding issued by local authorities to end January 2019 is approximately €106m, which is ahead of initial estimates for the scheme. As a result, to date, a number of local authorities have issued loans to a level which has used up their approved allocations for lending for mortgage and home improvement. Based on the latest information available, these are Fingal County Council, Kildare County Council, Meath County Council, Tipperary County Council, Waterford City & County Council, Wicklow County Council and Wexford County Council.

I am currently in discussions with the Minister for Finance, Public Expenditure and Reform regarding further funding for the scheme. Specific allocations to local authorities for 2019 will be finalised when those discussions have concluded. In the meantime, the scheme remains open and all local authorities should continue to receive and process applications.