Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Environment, Community and Local Government the amount of funding that will be available to finance the mortgage to rent scheme; and if he will make a statement on the matter. [32691/12]

Jan O'Sullivan (Limerick City, Labour)
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On foot of the recommendations of the Keane Report on mortgage arrears, the Government launched a mortgage to rent scheme on a pilot basis in February 2012. This scheme was extended nationally in June 2012, targeting low income families whose mortgage situation is unsustainable and where there is little or no prospect of a significant change in circumstances in the foreseeable future. The scheme ensures that the family remains in their home, while ownership is transferred to an approved housing body who in turn rent it to the original owners.

Householders seeking to avail of the mortgage to rent scheme must: have had their mortgage deemed unsustainable under a Mortgage Arrears Resolution Process as provided for under the Central Bank’s Code of Conduct on Mortgage Arrears; agree to a voluntary repossession of their home; be eligible for social housing support and; not have significant positive equity in the property.

Limits on household income, property value and applicant assets also apply. Borrowers wishing to avail of this scheme may access further information on the Housing Agency website, www.housing.ie .

More than sixty cases are currently being processed under this scheme, with a potential take-up of approximately one hundred cases in 2012. Financing for the scheme is by means of loans to the approved housing bodies concerned from either the original lender or the Housing Finance Agency in respect of up to 7.5% of the value of the property, with 25% funding available from my Department under the Capital Advance Leasing Facility. The overall allocation under the CALF scheme for 2012 is €20 million.