Dáil Éireann Debate, Tuesday - 9 July 2024
417. Deputy Claire Kerrane asked the Minister for Housing, Local Government and Heritage when local authorities will be advised on the newly announced local authority purchase and renovation loan; when this will be available via a local authority (details supplied) for applications; and if he will make a statement on the matter. [29405/24]
Amharc ar fhreagraOn 5 June Government approved a Local Authority Purchase and Renovation Loan (LAPR), which is an expansion of the Local Authority Home Loan, to support the purchase and renovation of homes which are eligible for the existing Vacant Property Refurbishment Grant.
Under the new Local Authority Purchase and Renovation Loan (LAPR), a first-time buyer or Fresh Start applicant who wishes to purchase and/or renovate a Vacant Property Refurbishment Grant eligible home, but cannot get sufficient funding from commercial lenders will now be able to apply to their local authority for a LAPR.
The introduction of the Local Authority Purchase and Renovation Loan significantly expands the number of homes eligible under current local authority mortgage lending rules. Eligibility for the loan is subject to applicants meeting the existing local authority mortgage eligibility criteria and the project meeting the scheme lending criteria.
This reinforces the Government’s commitment to bring homes back into use, a key objective of Housing for All, while also providing another funding pathway for individuals to realise their goal of homeownership. My Department is currently finalising the statutory instrument which will underpin the LAPR and I expect the loan will be available in the coming weeks.
Further details of the scheme will also be available on the dedicated website when launched. localauthorityhomeloan.ie/
