Improvements to the loan and income limits for shared ownership and affordable housing schemes were announced yesterday by the Minister of State for Housing and Urban Renewal, Mr Noel Ahern.
Following a review at the Department of the Environment, Heritage and Local Government, he said the maximum loan that could be advanced for a local authority house purchase had been increased from €130,000 to €165,000.
The eligibility limits for applying for the Affordable Housing and Shared Ownership Schemes had also been reviewed. They were now €36,800 for a single income household and €92,000 for a two income household. This used the formula of two and a half times the main income and once the second income, he said.
The period for which local authorities may advance loans had been extended from 25 years to 30 years. It is understood the limits will be reviewed annually.
"I am pleased to announce these increases as I want to ensure that as many of our younger households as possible can realise the dream of owning their own house. I am confident that these measures will go some considerable way in assisting them realise this dream." Mr Ahern said.
Mr Ahern was speaking at the launch of Fingal County Council's "Affordable Housing Roadshow" in the Draíocht Arts Centre, Blanchardstown. The roadshow is a new initiative aimed at taking the scheme to the public.
It will involve experienced staff visiting factories and businesses throughout the Fingal area, features and advertisements in local newspapers, talks to health boards and local State office employees and poster placements throughout the county council area.
Mr Ahern said the Affordable Housing Initiative was effectively an injection of extra State resources for housing, through the use of under-utilised lands, and was additional to, and not a replacement for, the funding available for existing social and affordable housing schemes for which a sum of €1.8 billion had been committed in 2004.