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Housing Schemes

Dáil Éireann Debate, Tuesday - 21 June 2022

Tuesday, 21 June 2022

Ceisteanna (252)

Jim O'Callaghan

Ceist:

252. Deputy Jim O'Callaghan asked the Minister for Housing, Local Government and Heritage when the shared equity scheme will commence; and if he will make a statement on the matter. [31878/22]

Amharc ar fhreagra

Freagraí scríofa

Part 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 mortgage lenders, it is anticipated that First Home will become operational in the coming weeks. Full information, including full eligibility criteria and regional price ceilings for homes, will be available on the First Home website upon the Scheme’s launch.

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