Dáil Éireann Debate, Tuesday - 27 February 2024
264. Deputy Eoin Ó Broin asked the Minister for Housing, Local Government and Heritage how the equity portion of an affordable home delivered under the affordable housing fund is represented in the registration of the purchase price of the property with the Property Price Register. [8700/24]
Amharc ar fhreagraPart 2 of the Affordable Housing Act 2021 provides for the Local Authority Affordable Purchase Scheme, whereby new homes are made available by local authorities to approved affordable housing applicants at an affordable price on a shared equity basis.
Under the scheme, an approved affordable housing applicant pays an affordable purchase price which represents a discount of between 5% and 40% on the market value of the home, having regard to the purchasing power of the individual or household concerned, including their borrowing capacity and reckonable savings. The difference between the market price and the affordable purchase price is met by the local authority in return for a commensurate equity share which may be redeemed by the affordable purchaser at a future date.
I have no function in relation to the maintenance of the Residential Property Price Register which was established pursuant to Section 86 of the Property Services (Regulation) Act 2011. The Property Services Registration Authority (PSRA) is a statutory agency of the Minister for Justice and is independent in the exercise of its statutory role. The register is maintained and published by the PSRA from data which is declared and filed electronically for Stamp Duty purposes, to the Revenue Commissioners, by persons doing the conveyancing of the property on behalf of the purchaser, usually their solicitor. However, I understand that the price displayed on the Property Price Register is the price that the dwelling sold for, as declared to Revenue for Stamp Duty purposes. Therefore, this price should include the equity portion of the dwelling.
