Friday, 4 June 2021
Affordable Housing Bill 2021: Committee Stage (Resumed)
On the issue of shared equity, it would be helpful if the Minister of State confirmed the position for the House. The objective of the State in providing the shared equity scheme is to financially support people so they will be able to afford to purchase their own home. Applicants will be eligible only if they are unable to secure a mortgage. All applicants will have to have realised their full loan potential. It will only be in that instance and when they require additional financial support that they will be able to apply under the shared equity scheme. In essence, the equity percentage will be determined by the applicant's need as opposed to the local authority's or Government's instruction. It will be determined by each applicant's need and correspond to the level of financial support he or she requires from the State. It is important to have this clarified.