Martin Browne
Question:218. Deputy Martin Browne asked the Minister for Housing, Local Government and Heritage if he can provide an update on the extension of the local authority home loan to include derelict properties. [18656/24]
View answerThursday, 25 April 2024
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Written answers
On 14 November 2023, the Cabinet agreed a proposal to broaden the Local Authority Home Loan, to make finance available to purchase and/or renovate derelict or non-habitable properties.
The extended Loan will be restricted to applicants who qualify for the Vacant Property Refurbishment Grant. This is to ensure that applicants who qualify for the VPRG can avail of financing to renovate their homes and bring these back into use. It will not limited to the amount of the VPRG and will allow for works required to bring the residential property up to habitable standards within the house price limits applicable to the Local Authority Home Loan, excluding the VPRG amount which will be repaid on completion of the works.
Currently, only habitable properties meet the property eligibility of the Local Authority Home Loan. Under the new purchase and renovation loan, applicants will be required to meet all of the eligibility criteria for Local Authority Home Loan applicants. The loan will include the amount needed to fund renovations, subject to scheme rules and project viability assessment.
A Working Group of key local authority stakeholders has been established and continues to meet to develop the supports and structures required to successfully implement the extension across the Sector. The extension of the Local Authority Home Loan is to be implemented by end Q2 2024.