Tom Neville (Limerick County, Fine Gael)
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64. To ask the Minister for Finance the value of the new housing plan to a first-time buyer; if there are conditions; if it is available to everyone or if there are restrictions; and if it will just apply from the date of the budget or if the announcement will be backdated. [29665/16]

Michael Noonan (Limerick City, Fine Gael)
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The Government is conscious that there is a supply shortage of housing and of the challenges faced by first-time buyers in meeting the macro prudential rules for home loans. As a complement to the structural actions in 'Rebuilding Ireland - Action Plan on Housing and Homelessness' published on 19 July 2016, the introduction on Budget day of a new tax-based 'Help to Buy' incentive was announced.

Subject to the approval of the Oireachtas, eligibility for the incentive will be backdated to take effect from 19 July 2016. This was the date of the publication of the Action Plan and the backdating was announced at that time with a view to avoiding any interruption in house sales, by potential purchasers deciding to defer purchases, pending the commencement of the incentive.

I will outline further details in relation to the incentive on Budget day.