Richard Bruton (Dublin Bay North, Fine Gael)
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535. To ask the Minister for Housing, Planning, and Local Government the progress made to date in establishing the working arrangements with financial institutions to put the first home scheme into operation; and when he expects that it will be possible for buyers to apply to purchase under the scheme. [1633/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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Part 4 of the Affordable Housing Act 2021 provides the statutory basis for the establishment of the First Home scheme. 

The First Home scheme will support first-time buyers on moderate incomes to buy a new-build home. The banking sector has confirmed it is committed to working with the State to develop and deliver this scheme. Budget 2022 allocated €44 million to my Department for First Home. The banking sector has agreed in principle to match State equity funding in order to increase the pool of funding available to potential new homeowners under the scheme. Subject to the necessary approvals by all parties, it is anticipated that the First Home scheme will operate for the period 2022 to 2026 utilising overall funding of c.€400m. 

It is intended that the scheme will be operated by a newly-established Designated Activity Company. Significant work is continuing on the detailed design and parameters of the scheme, and full scheme details will be confirmed on completion of this work. It is anticipated that initial activity on key areas of work, including public communications, will begin in Q1, and in advance of First Home’s first receipt of applications and deployment of equity support, scheduled for Q2 this year.