Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I thank the Senator for this discussion. The guidance note will issue. I will take the matter up with the Department. The statutory instrument is self-explanatory and I will ask that it be circulated to local authorities with immediate effect, with a follow-up in terms of the guidance note.

As noted previously, the application of the house price limits under the local authority home loan is different for the homes purchased under local authority affordable purchase schemes. The limits specifically refer to purchase prices, not market prices, and this ensures that the vast majority of affordable homes, including those in the example cited by the Senator, are eligible for purchase under the local authority home loan. Therefore, I consider that the schemes are designed to work in tandem. That principle is hugely important and the Senator has made that point.

We are keeping the local authority home loan under review to ensure it continues to be relevant in the current housing market so it can be a realistic support to home ownership. Any proposals to increase the house price would need to maintain coherence between the schemes to support the local authority affordable purchase scheme. Any changes to the home loan would require the consent of the Minister for Public Expenditure and Reform. We will advise colleagues in Government further when any changes are forthcoming.