Dáil Éireann Debate, Thursday - 31 March 2022
250. Deputy Colm Burke asked the Minister for Housing, Local Government and Heritage the status of the first home shared equity scheme; when it is likely to be introduced and applications permitted; and if he will make a statement on the matter. [17231/22]
Amharc ar fhreagraPart 4 of the Affordable Housing Act 2021 provides the basis for the First Home Scheme, which will be available nationwide. This scheme will support eligible first-time buyers to buy a new-build home in private developments by means of an equity share model, similar to that employed in the Local Authority Affordable Purchase Scheme.
First Home will operate for the period 2022 to 2025 and deploy overall funding of c. €400 million, jointly funded on a 50:50 by the State and participating mortgage lenders, in order to support c. 8,000 purchases of new homes. A new First Home Designated Activity Company, incorporated in December, will operate this scheme.
Significant work is continuing on the detailed design and parameters of the scheme, and full details will be confirmed upon completion of this work. It is anticipated that intended activity on key areas of work, including public communications, will be undertaken over the coming months in advance of First Home’s first receipt of applications and deployment of equity support, anticipated from the end of Q2 this year.
