Wednesday, 14 July 2021
Department of Housing, Planning, and Local Government
126. To ask the Minister for Housing, Planning, and Local Government the provision he will put in place to enable a significant cohort of families and single persons to buy a home who are just over the eligibility criteria for social housing and under it for a Rebuilding Ireland mortgage and have no prospects of renting or buying a home in the private market. [38278/21]
The Affordable Housing Bill 2021 which has now cleared all stages in the Oireachtas is the first ever stand-alone affordable housing legislation. The provisions of the Bill establish the basis for 4 new affordable housing measures. These measures will deliver on the Programme for Government commitment to put affordability at the heart of the housing system and prioritise the increased supply of affordable homes through (1) delivering affordable homes on local authority lands, (2) the introduction of a new form of tenure in Cost Rental, (3) a new affordable purchase shared equity scheme and (4) expanding Part V planning requirements to increase the 10% contribution requirement to 20% and to apply it to cost rental as well as social and affordable housing.
These measures are in addition to the previously established Help to Buy and the Rebuilding Ireland schemes, and are further supports for those who are over the eligibility criteria to receive social housing.
The Help to Buy Scheme may return tax paid in the previous four years (up to a maximum amount of €30,000) to eligible first-time buyers of a new home. Further information is available online at: www.revenue.ie/en/property/help-to-buy-incentive/index.aspx.
The Rebuilding Ireland Home Loan is another support for first-time homeowners, including self-builds. This scheme enables access to sustainable mortgage lending to purchase new properties, or finance self-builds, or purchase second-hand properties, in a suitable price range. There are no set minimum income limits to avail of the Rebuilding Ireland Home Loan Scheme. Under current conditions, applicants must have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants. Households do need to have sufficient borrowing and repayment capacity and must be capable of repaying the mortgage. Further information on the Rebuilding Ireland Home Loan is available at rebuildingirelandhomeloan.ie/.
Government will very shortly publish a new 5 year ‘Housing for All’ strategy which will include ambitious affordable home delivery targets and further details for these schemes.