Minister Murphy’s failure to secure Home Loan Scheme funding inexcusable

05 March 2019

Labour Housing Spokesperson Jan O’Sullivan has described the government’s failure to secure funding for the Home Loan Scheme ‘inexcusable’. This follows revelations yesterday that Local Authorities have been directed to stop consideration of applications for the Rebuilding Ireland Homes Loan Scheme, as the current funding for the scheme has run out.

Deputy O’Sullivan said:

“The Taoiseach admitted in the Dáil today that the €200 million allocated for the Rebuilding Ireland Home Loan Scheme has all been used.  Equally alarming, he said that the Central Bank would have to be consulted before more funds could be released.

“This is in complete contrast to what the Housing Minister was saying in the latter part of last year when he indicated that the HFA would be going to market for the second tranche of funds as required.  It seems now that there was no sanction from Government for this.

“There is also now a serious concern that the interest rate could be increased, putting the repayments out of the reach of many families.

 “This whole debacle is an appalling way to treat those who are working hard to raise the money to buy a home, who can’t afford private rent cost and who were led to believe there was a solution.

“I am again calling on the Government to sort this out immediately and ensure that the scheme continues without a pause and without changes to its terms.”

 

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