Dáil Éireann Debate, Tuesday - 14 June 2022
513. Deputy Patricia Ryan asked the Minister for Housing, Local Government and Heritage if he will provide details on the First Home affordable purchase shared equity scheme; and if he will make a statement on the matter. [29935/22]
Amharc ar fhreagraPart 4 of the Affordable Housing Act 2021 provides for the establishment of the ‘First Home’ affordable purchase shared equity scheme to support purchases in the private market. The Scheme aims to support c. 8,000 households in acquiring new homes in the private market in the years 2022 to 2026.
First Home will help applicants to afford new homes in the private market through the use of an equity share model, similar to that employed in the Local Authority Affordable Purchase Scheme. The Scheme will primarily support First Time Buyers in the purchase of new homes within designated regional price ceilings, set with reference to the median prices for new homes purchased by first-time buyers in the area.
Subject to the necessary final approvals process of all founders to the scheme, which will see the State operate the scheme in a strategic partnership with participating banks, it is anticipated that First Home will become operational from July 2022. Full information, including full eligibility criteria, and area price ceilings, will be available on the Scheme’s website upon the Scheme’s launch.
