Hi °C | Lo °C JUST eight homes are in the process of being sold under the Government's mortgage-to-rent scheme.
The scheme was launched on a national basis last June targeting low-income families whose mortgage situation has become unsustainable.
The scheme ensures that the family remains in their home, while ownership is transferred to an approved housing body which in turn rents it to the original owners.
However, just a tiny number of families have availed of it – with sales agreed on eight properties, and two of these transactions completed.
In a written Dail response to Fianna Fail's Barry Cowen, Housing Minister Jan O'Sullivan admitted that "the number of completed transactions is low, but significant progress has been made".
The scheme was launched on a pilot basis last February. A total of 708 applications were lodged last year – but by year-end only eight transactions were completed, or 1pc of the overall total.
Ms O'Sullivan said: "My department has budgeted for the resolution of roughly 250 mortgage-to-rent transactions in 2013."
Irish Independent
