TD demands funding for home loan scheme in Waterford

TD demands funding for home loan scheme in Waterford

TD demands funding for home loan scheme in Waterford

Fianna Fáil TD for Waterford Mary Butler has called on the Housing Minister to immediately allocate funding to Waterford City and County Council for the Rebuilding Ireland home loan scheme.

Earlier this month it was reported that the scheme has run out of funding, however, the Minister has failed to clarify the situation in Waterford, where a number of loans have been approved but the funding has not been made available.

Deputy Butler said, “People in Waterford are being penalised and are at risk of losing out on homes because the government has failed to get its act together and ensure that enough money was made available to help people buy a home."

“Concerns about the scheme were first aired earlier this month when it was reported that ten local authorities had run out of funding. Minister Eoghan Murphy has confirmed to me that Waterford is one of the ten, but he has not followed up with any action to ensure that those applicants who have had their loans approved will be able to draw down their funding.  This is a very serious issue as they could lose out on their home."

“I have been contacted by one family who have been renting for nine years. They applied for the Rebuilding Ireland home loan, received approval and went sale agreed on a home. However, when their solicitor went to draw down the money, there was none available.  Now this family doesn’t know if the sale of their house can proceed. This is a terrible situation for them to be in."

“There are at least 10 other cases in Waterford where people have been approved but the money is not there for them.  This is completely unacceptable."  

“There is now huge uncertainty within the local authorities and among people who have been approved for the Rebuilding Ireland home loan about what happens next."

“This scheme was set up to help people who are falling between the cracks – they are not earning enough to qualify for a mortgage with a bank but they are earning more than the social housing limits allow.  The government has now plunged them into another limbo and despite being approved for a loan, there is no funding left."

“I raised this issue in the Dáil this week but unfortunately Minister Phelan was unable to provide me with any concrete assurances as to when more money would be made available. This needs to be made a priority – there is at least one family at risk of losing their home – and that is a damning indictment of the government’s handling of their own housing strategy,” concluded Deputy Butler.

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