Aindrias Moynihan (Cork North West, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

434. To ask the Minister for Housing, Planning, and Local Government his views on whether an approval for a local authority home loan should be valid for purchasing a home in any local authority area; and if he will make a statement on the matter. [37718/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

The Local Authority Home Loan is a Government-backed mortgage for those on modest or low incomes who cannot get sufficient funding from commercial banks to purchase or build a home. It has been available nationwide from local authorities since 4 January 2022 for first-time buyers and fresh start applicants. The loan can be used both for new and second-hand properties, or to self-build. It is the successor to the Rebuilding Ireland Home Loan (RIHL).

Applicants can apply for a Local Authority Home Loan to more than one local authority. However, a separate application form must be completed for each local authority applicants apply to and go through their application process. Applicants may only borrow one Local Authority Home Loan for the purchase of a home or a self-build within the local authority area where they are purchasing or building the property.

The final decision on Local Authority Home Loan applications is a matter for the relevant local authority. Decisions on all housing loan applications must be made in accordance with the Regulations establishing the scheme and the credit policy that underpins the scheme, in order to ensure prudence and consistency in approaches in the best interests of both borrowers and the lending local authority.

Further information on the scheme is available on the dedicated website www.localauthorityhomeloan.ie/.

Aindrias Moynihan (Cork North West, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

435. To ask the Minister for Housing, Planning, and Local Government the number of Rebuilding Ireland home loans that were approved and drawn down in each local authority to date in 2022, in tabular form; and if he will make a statement on the matter. [37719/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

The Local Authority Home Loan has been available nationwide from local authorities since 4 January 2022. Prior to that, the Rebuilding Ireland Home Loan was the mortgage available from local authorities. As of 4 January 2022, no new Rebuilding Ireland Home Loan applications will be accepted, although applications/approvals already in process will be honoured

The Housing Agency provides a central support service that assesses applications for the Rebuilding Ireland Home Loan, and its successor the Local Authority Home Loan scheme, on behalf of local authorities and makes recommendations to the authorities to approve or refuse applications.

Each local authority must have in place a credit committee and it is a matter for the committee to make the decision on applications for loans, in accordance with the Regulations establishing the scheme and the Credit Policy that under pins the scheme, having regard to the recommendations made by the Housing Agency.

The most recent figures provided by the Housing Agency on the number of Rebuilding Ireland Home Loan applications that it has assessed and recommended for approval from local authorities for 2022 up to the end of June are set out in the below table:

My Department regularly publishes information on the number and value of (i) local authority loan approvals and (ii) local authority loan drawdowns. Local authority approval means that an official letter of offer has been sent to a borrower (and therefore relates to a specific property and loan amount).

Information on Rebuilding Ireland Home Loan drawdowns, approvals, average drawdowns, and average approvals to Q1 2022 is available at the following link, under the folder name 'Rebuilding Ireland Home Loan' which will be updated as soon as figures are available:

www.gov.ie/en/collection/42d2f-local-authority-loan-activity/#local-authority-loans-approvedpaid