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Doolan welcomes review of Shared Ownership Scheme

3 October, 2006

Sinn Féin's Dublin South East Representative Daithí Doolan has tonight welcomed Dublin City Council's commitment, "to review the City Council's Shared Ownership Scheme for first time home buyers."

Speaking at this evening's City Council meeting Cllr. Doolan said "I tabled a question asking the City Manager to initiate an overhaul of the Shared Ownership Scheme. This was borne out the frustration experienced by first time homebuyers here in Dublin. The Shared Ownership Scheme no longer reflects reality and it has left 1000's of people trapped in the private rented sector. The Council will lend the borrower 50% of the mortgage with a maximum loan amount of €135,000. With the average price of a house in Dublin due to peak at €532,000 by the end of this year the Scheme no longer reflects the reality of the Dublin housing market."

Cllr. Doolan said, "While I welcome tonight's commitment by the City Council to carry out a comprehensive review latter this year, it is vital that the review is embarked on with the aim of benefiting those people in need of homes and not the property developers. The maximum loan must be increased to allow people the ability to own their own home and to reflect the reality of the current housing market in Dublin."

In conclusion Cllr. Doolan called on the City Manager, "to implement the changes as soon as possible so as to benefit the citizens of Dublin and give them a real chance to own their own home." CRÍOCH

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