Dublin City Council mortgage crisis must be urgently addressed - Ó Snodaigh
Responding to today's Dublin City Council report 'Addressing & Resolving Mortgage Arrears in Dublin City Council', Aengus O' Snodaigh TD said:
"The figures released today are startling and shocking. 46% of City Council mortgages for affordable housing are in arrears. 1192 households with mortgages from Dublin City Council are now officially in arrears. Over €15m is owed in arrears.
"The report is essential if we are to address this crisis. If it is not addressed the capital faces a human and financial disaster.
"The resolution must be guided by people centred principles. City Council must work with home owners to ensure no one loses their home. The government must also provide adequate funding. It was government legislation and an over reliance on the private sector and that helped created this crisis. Private developers were allowed to sell over priced houses to local authorities in the name of affordable housing. Government legislation prohibited councils from buying or selling homes at cost value. Like some sort of tragic deja vu, Dublin City Council is once again dependent on the private sector to meet the housing needs of our citizens.
"The mortgage crisis in Dublin City Council needs to be addressed as a matter of urgency. I have contacted the Ceann Comhairle to seek a debate in this matter tomorrow."