SO WHO BACKS HOUSING PLAN?
FINANCE Minister Paschal Donohoe has given clear indications that the controversial shared-equity scheme for home buyers is very much Housing Minister Darragh O’Brien’s baby.
Five months after its announcement key elements have yet to be implemented. And a series of questions by Sinn Féin Finance spokesman Pearse Doherty have revealed a growing level of concern over the Housing Minister’s ‘innovative’ proposals.
Mr Doherty asked the Finance Minister if the special purpose vehicle, that is to be established with participating banks as part of the scheme, will be required to obtain a banking licence.
He also asked if such a banking licence has been applied for, how much would it cost and who would pay for it.
He asked if the Central Bank Commission has approved of the scheme and its interaction with the mortgage measure. And if not, he asked, when will ‘the commission next meet to consider the scheme and its interaction with the mortgage measures’.
In reply, Minister Donohoe stressed: ‘The development of the Affordable Purchase Shared Equity Scheme is a policy initiative which falls under the remit of the Department of Housing following the allocation of funding as part of Budget 2021.’
He said: ‘A range of commercial and operational matters pertaining to the scheme are currently being examined by the Department of Housing but have not yet been finalised and therefore it would be premature to comment on such matters.’
He had received a reply from the Central Bank in relation to the scheme and it is ‘aware of plans by the Department of Housing, Local Government and Heritage to introduce an Affordable Housing Shared Equity Scheme’.