Oireachtas Joint and Select Committees

Tuesday, 2 October 2012

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht

Discussion with Housing Finance Agency

3:15 pm

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

The reason we have suggested that is because local authorities are tied into that but since the housing Act of 2009, which has facilitated a situation where voluntary housing agencies can also engage in tenant purchase programmes. As we move into regulating the voluntary housing agency with the forthcoming Residential Tenancies (Amendment) Bill, the requirement could be put upon them also to have an evolved insurance model because it could well be the case that the social housing agencies rather than the local authorities may be the vehicle for rent to buy in terms of NAMA properties and other areas.

As regards the agency's governance of the funding it is giving to local authority and housing agencies Dr. Norris mentioned, it should not be a presumption that the housing agencies will have the proper insurance structures in place that not only protect the borrowers but also protect the State because it is the State which picks up the tab on mortgage interest relief. We would be better off having that ensured for a period.

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