Paul Murphy
Ceist:451. Deputy Paul Murphy asked the Minister for Housing, Local Government and Heritage when the proposed shared equity scheme will commence. [21387/21]
Amharc ar fhreagraWednesday, 28 April 2021
Ceisteanna (451)
Freagraí scríofa
This Government is committed to putting affordability at the heart of the housing system, with approximately €468 million allocated in Budget 2021 for a broad range of affordability measures.
The Affordable Housing Bill 2020 includes provisions to underpin three schemes that prioritise the increased supply of affordable homes through (1) affordable homes for purchase delivered by local authorities, (2) a new affordable purchase shared equity scheme for private homes, and (3) the introduction of a new form of tenure in Cost Rental.
The shared equity scheme is designed to help bridge the gap, by means of an equity stake, between the mortgage people have and the price of the new home they wish to buy. This measure will iin turn help increase confidence in the construction sector, increase housing supply, and enable First Time Buyers to buy a new home at a price they can afford.
Government approved priority drafting of the Bill on 22 December 2020, the General Scheme of which I published on 20 January last. The detailed drafting of the Bill is now close to completion, and I anticipate that the Bill will be brought to Government for decision shortly. Subject to Government approval, I intend to bring the completed Bill before the Oireachtas as part of the summer legislative programme and to commence the scheme this year.