Thomas Gould (Cork North Central, Sinn Fein)
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223. To ask the Minister for Housing, Planning, and Local Government if the first home scheme will only be available for new builds. [35569/22]

Thomas Gould (Cork North Central, Sinn Fein)
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225. To ask the Minister for Housing, Planning, and Local Government if a person’s deposit must be 10% before or after the equity share in the first home scheme. [35571/22]

Thomas Gould (Cork North Central, Sinn Fein)
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226. To ask the Minister for Housing, Planning, and Local Government the sale limit for homes under the first home scheme, by county. [35572/22]

Thomas Gould (Cork North Central, Sinn Fein)
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227. To ask the Minister for Housing, Planning, and Local Government the protection that is in place under the first home scheme to ensure it is aimed at those who need assistance most, given the reports that the help-to-buy scheme has assisted a large number of people to purchase a home who did not need assistance. [35573/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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I propose to take Questions Nos. 223 and 225 to 227, inclusive, together.

Part 4 of the Affordable Housing Act 2021 provides for the establishment of the ‘First Home’ affordable purchase shared equity scheme to support purchases of new build homes in the private market. The Scheme aims to support c. 8,000 households in acquiring new homes in the private market in the years out to 2026.

The First Home Scheme will help applicants to afford new-build houses and apartments 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 buying a new home, subject to designated price ceilings set with reference to the median prices for new homes purchased by first-time buyers in the area. However, the Government's 'Fresh Start' principle for some previous homeowners will also apply. As equity support will only be available to those with a genuine gap between the resources available to them and the price of the home they wish to buy, this will ensure funding will be targeted where it is needed most. 

The State will operate the First Home Scheme in a strategic partnership with participating mortgage lenders, and it is planned that the Scheme will launch imminently. Full information, including eligibility criteria, deposit requirements, and regional price ceilings for homes will be confirmed at that point and available on the dedicated First Home Scheme website from the time of the launch.

Thomas Gould (Cork North Central, Sinn Fein)
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224. To ask the Minister for Housing, Planning, and Local Government if a person may avail of the first home scheme to purchase a house sold under a local authority-led affordable housing scheme. [35570/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The Affordable Housing Act 2021 provides for two new affordable home purchase schemes, which both use an equity share model. Part 2 of the Act provides for the Local Authority Affordable Purchase Scheme, and Part 4 of the Act provides for the First Home Scheme. 

Newly-built homes made available by local authorities under the Local Authority Affordable Purchase Scheme will be sold below market value, with the difference between the market value and the selling price held as a redeemable equity stake by the local authority. The initial price paid for a home under this scheme will generally be based on the purchasing power of the applicant, subject to a minimum sale price set by the local authority 

The First Home Scheme will support purchases of new homes in the private market, and aims to support in the region of 8,000 households in the years 2022 to 2026. By bridging the gap between the mortgage financing available to purchasers and the price of the new home they wish to buy, First Home will help applicants to afford new homes 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. Full details will be released upon the imminent launch of the Scheme. 

As equity support is already incorporated into the below-market price set for a particular home and purchaser under the Local Authority Affordable Purchase Scheme. As such, it is not intended that purchases made under the Local Authority Affordable Purchase Scheme would also be eligible for support under the First Home Scheme.