THE DAÍL WILL today debate Sinn Féin’s motion on scrapping the government’s shared equity scheme, which it claims “will not make homes more affordable”. 

The party’s housing spokesperson Eoin Ó Broin has said that the scheme risks “heaping unsustainable levels of debt” on prospective homeowners and will put “significant sums of money in the pockets of large developers”. 

The government, however, has defended the €75 million scheme with Housing Minister Darragh O’Brien calling it a “specific and targeted measure” to help young working people be able to afford a home. 

The scheme would involve the State paying for up to 30% of the cost of new houses in return for a stake, which would be paid back interest-free over a period of time. 

O’Brien said comparable schemes have boosted supply without a significant increase in house prices, and will help those caught in a “rental trap”.  

As well as opposition TDs, concerns have also been raised about the scheme by the likes of the ESRI and the Central Bank amid fears it could drive up house prices. 

Patrick Costello and Neasa Hourigan – two Green Party TDs – have also expressed concerns about the scheme this week.

Sinn Féin’s Ó Broin has said that Minister O’Brien “cannot keep dismissing legitimate concerns” over the scheme.

He said: “It must be scrapped, and the funding must be repurposed for the delivery of genuinely affordable homes.”

The motion will come before the Dáil for debate at 10am this morning.