Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Question 325: To ask the Minister for the Environment, Heritage and Local Government the amount of funding set aside in respect of the home choice loan scheme; the amount he will loan out; and if he will make a statement on the matter. [38678/08]

Michael Finneran (Roscommon-South Leitrim, Fianna Fail)
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I do not believe it would be appropriate, at the outset, to set definitive limitations on the period of operation of the Home Choice loan scheme or for the total loan finance to be made available, as the timing of the termination of the scheme will be dependent on a range of issues, particularly the extent to which the credit crunch eases and mortgage finance becomes more readily available from the financial institutions. However, the scope of the scheme's operation will be limited by a range of conditions, including the limitations to first-time buyers and new-build homes, and the maximum loan limit of €285,000. This is in line with the Government's stated policy objective of only intervening in the housing market in a very targeted manner. In addition, the level of interest in the scheme, and the numbers and value of loan drawdowns will be kept under close and regular review.