The Irish government’s Help to Buy scheme, which provides assistance to first-time home buyers, could be extended to the end of next year in today’s budget.
However, people have to wait for the government’s Affordable Housing Scheme. There may not be significant announcements in the budget regarding this.
Housing Minister Darragh O’Brien’s package proposes to increase the total capital for housing by 20 billion euros by providing an additional 500 million euros in housing assistance.
At the same time, it is proposed to increase the construction of new community housing to 9,500 by 2021.
Funding for homeless persons are likely to increase to 218 million next year.
However, the details of the low-cost housing project that people have been waiting for so long may not be announced until the end of October.
Sources said the government’s new low-cost housing scheme will be implemented by the middle of next year.
The Help to Buy scheme, which expires at the end of 2020, is expected to be extended till the end of next year.
Under the stimulus package announced last July, the Help to Buy scheme offers a tax deduction of up to 30,000 for a new home or apartment.
Meanwhile, Minister Darragh O’Brien said detailed plans related to the housing sector would be announced in the budget. Meanwhile, the Department of Housing has also released its 2021 targets.
The report says that so far in 2020, 8,907 community homes have been built, 800 homes were purchased, 2,450 homes have been leased, and 10,000 Housing Assistance Payments (HAP) made available to tenants.
Target points out that with the funds allocated to the housing department in the new budget, 9,500 community housing will be built and the HAP will be increased to 15,000.
The housing department expects 218 million to help the homeless by 2021. This is 31 percent more than last year’s 166 million euros.
However, in the wake of the Covid pandemic, the Department of Housing estimates that the cost to the homeless this year will reach 196 million.
According to the report, the government will have to spend around 22 million more next year on the housing first approach.