Niamh Smyth (Cavan-Monaghan, Fianna Fail)
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67. To ask the Minister for Housing, Planning, and Local Government if he will provide an update on the progress he has made towards launching the first home scheme. [32962/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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Part 4 of the Affordable Housing Act 2021 provides for the establishment of the ‘First Home’ affordable purchase shared equity scheme to support purchases in the private market. The Scheme aims to support c. 8,000 households in acquiring new homes in the private market in the years 2022 to 2026.

First Home will help applicants to afford new homes in the private market through the use of an equity share model, similar to that employed in the Local Authority Affordable Purchase Scheme. The Scheme will primarily support First Time Buyers in the purchase of new homes within designated regional price ceilings, set with reference to the median prices for new homes purchased by first-time buyers in the area.

Subject to the necessary final approvals process of all founders to the scheme, which will see the State operate the scheme in a strategic partnership with participating mortgage lenders, it is anticipated that First Home will become operational in the coming weeks. Full information, including full eligibility criteria and regional price ceilings for homes, will be available on the First Home website upon the Scheme’s launch.