Barry Cowen (Offaly, Fianna Fail) | Oireachtas source

The Minister for Housing, Planning, Community and Local Government spoke this morning about amending and making good the failed voluntary mortgage-to-rent scheme that has been in place for the last number of years with very little, if any, success. He talked about opening the scheme up to private equity funds, giving them the opportunity to buy mortgages and properties in bulk from the banks in order for approved housing bodies or local authorities to rent the properties back to their occupants. It was also mentioned that credit unions would have an opportunity to take part in this scheme. It will be brought forward on a pilot basis which would suggest that there will be no legislation to give effect to it. Surely legislation will be required to give credit unions the opportunity to take part in the scheme, especially considering the amount of funds they have available. They want to invest those funds in the economy and more particularly in housing in order to help people and to give them the opportunity to remain their homes into the future.

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