Brendan Smith: Welcome update on First Home Scheme as Housing For All plan bearing fruit
31 March 2022
Fianna Fáil TD for Cavan and Monaghan, Brendan Smith has welcomed an update on the introduction of the First Home Scheme as part of the Housing For All plan as commencement notices for new homes in February hit their highest rolling 12-month total since the recording of the data began in 2004.
Deputy Brendan Smith commented, “33,006 is the total number of commencement notices that have been lodged for new homes in the state over the last twelve months. This shows that Housing For All is now bearing fruit. I have highlighted again to Minister O’Brien the need to increase income eligibility limits for social housing in areas such as Cavan and Monaghan. An urgency must be attached to putting in place affordable housing schemes which will be extremely important for many families throughout the country. Improved social housing income limits and affordable schemes are needed for many individuals and households in difficult housing circumstances at present.”
The Cavan and Monaghan TD added: “Minister for Housing; Local Government and Heritage, Darragh O’Brien advised that the First Home Scheme, which will be available nationwide, and which will support eligible first-time buyers to buy a new-build home in private developments by means of an equity share model, similar to that used in the Local Authority Affordable Purchase Scheme, will begin receiving applications in the coming months.
“According to Minister O’Brien, it is anticipated that initial activity on key areas of work, including public communications, will be undertaken over the next months in advance of First Home’s first receipt of applications and deployment of equity support, scheduled for Quarter 2 of this year.”
Also as part of Housing for All, 10,000 Cost Rental homes will be delivered from 2021 to 2026 by Approved Housing Bodies (AHBs), supported by Cost Rental Equity Loan (CREL) funding, along with funding for Local Authorities through the Affordable Housing Fund. The Land Development Agency will also deliver Cost Rental, either on its own portfolio of sites or through acquisitions under Project Tosaigh. All Cost Rental projects will achieve cost-covering rents at least 25% below comparable open market rates