Seán Sherlock
Ceist:298. Deputy Sean Sherlock asked the Minister for Housing, Local Government and Heritage if he will report on the Housing for All new first home shared equity scheme for private developments. [17526/22]
Amharc ar fhreagraTuesday, 5 April 2022
Ceisteanna (298, 346)
Gerald Nash
Ceist:346. Deputy Ged Nash asked the Minister for Housing, Local Government and Heritage if he will provide an update on the roll-out of the provision of a first home market based on the shared equity scheme as set out in Housing for All; and if he will make a statement on the matter. [18004/22]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 298 and 346 together.
The Affordable Housing Act 2021, the provisions of which I commenced in August and September 2021, laid the foundation for three new affordable housing schemes: 'Cost Rental' housing, the 'Local Authority Affordable Purchase Scheme', and the 'First Home' shared equity scheme which will support purchases in the private market.
Part 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. Subject to final approvals, it is anticipated the scheme will deploy overall funding of €400 million, jointly funded on a 50:50 basis by the State and participating mortgage lenders, in order to support 8,000 purchases of new homes. A new First Home Designated Activity Company, incorporated last 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. Activity on key areas of work, including public communications, will be undertaken over the coming months in advance of the First Home Scheme’s first receipt of applications and deployment of equity support, anticipated from the end of Q2 this year.