ROSCOMMON COUNTY COUNCIL is taking out a €1.5 million loan to fund the Rebuilding Ireland Home Loan (RIHL) scheme to provide government backed mortgages to first-time buyers.

The RIHL was launched by the government in February last year to help people buy their first home. Prospective homeowners avail of the scheme through their local authorities however in recent months doubts about the future of the scheme swirled as it emerged that funds for the initiative had run out.

Housing Minister Eoghan Murphy sought to quell those fears, saying that money is available under the scheme this year, and that “local authorities need not wait for their allocations for 2019″. 

Councillors in Roscommon voted to approve raising the €1.5 million loan this week.

The council has received 43 applications for the loans to date. Five of those applications have been successfully completed and the loans have been drawn down. A further 11 applications have received approval.

If all 16 approved applications proceed the total cost will be nearly €1,856,000. 

Nine applications are awaiting a decision and would require an additional €915,595 in funding if they are all approved. The remaining 18 applications were rejected.

The County Council currently has a total of €2,145,800 for the scheme.

The scheme is open to people with an annual income not exceeding €50,000 and couples with a combined income that doesn’t exceed €75,000.

Applicants must show that they have received two insufficient finance offers from banks or building societies. They also must have at least 10% of the value of home in a deposit.