Purchase and lease-back for elderly homeowners
Burke asked whether buying and leasing back elderly people’s homes would reduce loans available to others. Barry said he did not expect that, describing the scheme as a way to help older people in oversized homes and add to State housing stock; he rejected Burke’s broader cost estimate.
As regards the introduction of a scheme for purchase and lease back for the elderly, will this system not result in a reduction in the number of loans available to the public?
Comment on this
I do not see why it should. It is an attractive scheme which is long overdue. There are many single elderly people living in accommodation which is far too big for them. They own it but cannot afford the upkeep of it. It is a reasonable proposition for the State to offer to buy the property and either rent it to them or give them the money to invest themselves and take over that property to add to the State's housing stock.
Comment on this
It is not satisfactory for the Minister to say that firm promises and commitments made to the people have not been costed, that the details are not available in his Department and that he is not prepared to tell the House or the people exactly what it will cost. Could I suggest to the Minister that the figure he is trying to keep from the Irish people is somewhere in the region of £200 million?