Funding available for the Rebuilding Ireland home loan

QUESTION

To ask the Minister for Housing; Planning and Local Government the status of the funding available for the Rebuilding Ireland home loan; the drawdown to date; and if he will make a statement on the matter.

REPLY

When the Rebuilding Ireland Home Loan scheme was initially being developed, it was estimated that the drawdown of loans would be approximately €200 million over three years.  However, this loan product has proved to be more successful than initially anticipated. In the context of the scheme’s success my Department engaged with the Department of Public Expenditure and Reform and the Department of Finance with regard to the allocation for 2019.
I engaged early as I said I would. While discussions commenced in October 2018 on additional funding,  the first tranche of €200m was only fully drawn down in August of this year. My Department wrote to all 31 local authorities on 15 August 2019 sanctioning an additional €363 million in funding for the Rebuilding Ireland Home Loan. This brings total funding for the Loan to over €563 million for 2018 and 2019 combined.
My Department publishes information on the overall number and value of (i) local authority loan approvals and (ii) local authority loan drawdowns. Local authority approval means that an official letter of offer has been sent to a borrower (and therefore relates to a specific property and loan amount). Information on the RIHL for Quarter 1 2019, including in relation to the number and value of mortgage approvals and drawdowns, is available on the Department's website at the following link: http://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity. The data for Quarter 2 2019 will be available in the coming weeks.