State plan to fund grants for first-time homebuyers
FIRST-TIME buyers would receive state-funded grants to help them meet strict Central Bank deposit limits, under plans being considered by Environment Minister Alan Kelly.
The move came as senior Government sources said an announcement on new mortgage arrears plans will come after a Spring Statement on the economy at the end of the month.
The Labour Party proposals are being targeted at couples living in urban areas who can't meet mortgage deposit rules.
The measures will mean the minister directs local authorities to provide cash grants to applicants struggling to get on to the property market in cities such as Dublin, Cork, Limerick and Galway.
The Irish Independent understands senior party figures, including Mr Kelly, are supportive of the plans.