Written answers

Tuesday, 28 May 2019

Department of Housing, Planning, and Local Government

Home Loan Scheme

Photo of Frank O'RourkeFrank O'Rourke (Kildare North, Fianna Fail)
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488. To ask the Minister for Housing, Planning, and Local Government when further funding will be provided to Kildare County Council to facilitate the drawdown of Rebuilding Ireland mortgage loans in view of the fact that the council is unable to approve loans due to a lack of funding; the amount of funding that will be made available; and if he will make a statement on the matter. [22385/19]

Photo of Eoghan MurphyEoghan Murphy (Dublin Bay South, Fine Gael)
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The Rebuilding Ireland Home Loan launched on 1 February 2018. Prior to its launch, an initial tranche of €200 million of long-term fixed-rate finance was borrowed by the Housing Finance Agency to provide funds for the scheme to local authorities.

When the Rebuilding Ireland Home Loan was initially being developed, it was estimated that the drawdown of loans under the scheme would be approximately €200 million over three years. From the data collated on the scheme to date, the RIHL has proven to be more successful than initially anticipated, as a result of which, the scheme would require a further tranche of funds to be borrowed by the HFA in order to enable its continuation.

My Department is currently in discussions with the Departments of Public Expenditure and Reform and Finance with regard to the amount of a second tranche, which I anticipate, will be finalised soon. When these discussions are concluded I will be in a position to make an announcement on the matter. However, the scheme remains open and all local authorities have been advised to continue to receive and process applications up to and including the issuing of loans. An announcement on the amount of additional funding to be provided is not inhibiting the running of the scheme in any way.

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