Councillors approve funding increase for mortgage scheme
WEXFORD CO COUNCIL will seek an increased capital allocation from the Department of Housing, Planning and Local Government for the purpose of delivering its House Mortgage Programme this year.
Head of Finance Annette O’Neill outlined the details to last week’s council meeting, saying that while a sum of €3.5 million had been approved by the council, a further €1,153,495 was required to cover the demand. So far, in 2017, 38 mortgages for first time buyers have been approved which resulted in the full allocation of borrowing secured. A further 13 mortgage applications are currently on hand, along with five construction mortgages and eight house purchase mortgages. Additional funding is required for these to be finalised.
The programme has been submitted to the department as a pilot scheme and Council CEO Tom Enright said he was hoping for early approval in the New Year. He added that the council would look at using some of its own land as well.
Cllr Michael Sheehan asked if it would be possible to get an overview of the amount of land the council actually had saying he was led to believe that it was approximately 16 acres.
Mr Enright replied that the council had ‘a lot more’ than 16 acres and was in the process of acquiring further plots of land. He said he would endeavour to have a list of council land for the January meeting.