Shared Ownership
Housing (Miscellaneous Provisions) Act 1992
[23rd July, 1992]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
1. Interpretation.
(1) In this Act, unless the context otherwise requires—
“the Act of 1979” means the Housing (Miscellaneous Provisions) Act, 1979;
“the Act of 1988” means the Housing Act, 1988;
[“approved housing body” has the meaning given to it by the Housing (Regulation of Approved Housing Bodies) Act 2019;]
[“Central Bank” means the Central Bank and Financial Services Authority of Ireland;]
“functions” includes powers and duties;
“house” includes any building or part of a building used or suitable for use as a dwelling and any outoffice, yard, garden or other land appurtenant thereto or usually enjoyed therewith and “housing” shall be construed accordingly;
“housing authority” has the meaning assigned to it by section 23;
“the Housing Finance Agency plc” means the company formerly known as the Housing Finance Agency which was established under section 2 of the Housing Finance Agency Act, 1981;
[“improvement notice” has the meaning given to it by section 18A;]
“improvement works” has the meaning assigned to it by section 1(1) of the Act of 1979;
[“local authority” means a local authority for the purposes of the Local Government Act 2001 (as amended by the Local Government Reform Act 2014);]
“the Minister” means the Minister for the Environment;
“prescribed” means prescribed by regulations made by the Minister;
“the Principal Act” means the Housing Act, 1966;
[“prohibition notice” has the meaning given to it by section 18B;]
“shared ownership lease” has the meaning assigned to it by section 2.
(2) In this Act, a reference to a section is to a section of this Act and a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph of the provision in which the reference occurs, unless it is indicated that a reference to some other enactment or provision, as may be appropriate, is intended.
(3) A reference in this Act to an enactment shall be construed as a reference to that enactment as amended, adapted or extended by or under any subsequent enactment (including this Act).
4. Subsidy towards rent of houses leased by means of shared ownership leases.
(1) Subject to such regulations as may be made by the Minister for the purposes of this section—
(a) a housing authority may pay a subsidy towards the rent of a house leased to a person under a shared ownership lease, and
(b) the Minister may, with the consent of the Minister for Finance, out of moneys provided by the Oireachtas—
[(i) pay a subsidy to a housing authority towards the rent of a house leased to a person under a shared ownership lease by the authority or [an approved housing body], as the case may be,]
(ii) recoup to a housing authority all or part of a subsidy paid by the authority under paragraph (a).
(2) Where a subsidy is paid under subsection (1), the amount of the rent reserved under the lease shall be reduced by an amount equal to the amount of the subsidy.
(3) Regulations under this section may, in particular, but without prejudice to the generality of subsection (1), make provision in relation to all or any one or more of the following:
(a) the amount of the subsidy and the manner of its determination;
(b) the amount or proportion of the subsidy that may be recouped by the Minister;
(c) the class or classes of houses in respect of which the subsidy may be paid;
(d) the class or classes of persons or households in respect of which the subsidy may be paid;
(e) requirements in relation to the financial and family circumstances of persons occupying a house in respect of which the subsidy may be paid;
(f) requirements in relation to the occupation and maintenance of a house in respect of which the subsidy may be paid;
(g) requirements in relation to the floor area of a house in respect of which the subsidy may be paid, measured in such manner as may, from time to time, be determined by the Minister;
(h) requirements in relation to standards of construction, works and repair and the availability in a house, in respect of which the subsidy may be paid, of water, sewerage and other services;
(i) the manner in and time within which an application for the subsidy shall be made;
(j) the conditions under which the subsidy may be paid;
(k) requirements in relation to the payment under any enactment (including this Act) of any other grant, subsidy or assistance in respect of a house concerned.
11. Housing loans by housing authorities.
(1) A housing authority may, subject to regulations made by the Minister for the purposes of this section with the consent of the Minister for Finance, make loans (in this section referred to as “housing loans”) for any of the following purposes:
(a) the acquisation of estates or interests in or the construction of houses;
(b) the carrying out of improvement works to houses;
(c) the acquisition of buildings or other land for the purpose of providing housing or the development of sites for housing;
(d) the conversion of a building, in whole or in part, into one or more self-contained dwelling units;
(e) the provision of hostel accommodation;
(f) payment of a deposit for the purchase of property to which paragraph (a) or (c) relates.
(2) The power to make housing loans by virtue of subsection (1) includes the power to make them even if the amount due to the housing authority may exceed the amount of the original loan at any time after the loan has been made and, where the amount due to the authority in respect of capital exceeds the amount of the loan, any reference in this Act to the repayment of the loan includes reference to payment of the excess.
(3) The rates of interest payable from time to time on housing loans shall be determined by the Minister with the consent of the Minister for Finance, and different rates may be so determined for loans of different classes.
(4) A housing authority may enter into and carry out an agreement in connection with a housing loan under this section.
(5) Where default is made in complying with any of the conditions subject to which a housing loan is made by a housing authority or subject to which a house, property or other land in respect of which such a loan is made is held by the borrower or, in the case of the bankruptcy of the borrower of such a loan, the authority may, subject to the rights of any prior mortgagee or chargee, recover possession of the house, property or other land (whatever may be its value)—
(a) under sections 84 to 89 of the Landlord and Tenant Law Amendment Act, Ireland, 1860, as if the authority were the landlord and the borrower were the tenant, or
(b) by order of possession by a court in accordance with the terms of a mortgage given as security for the loan.
(6) Where a housing authority recover possession of a house, property or other land under subsection (5)(a)—
(a) all the estate, right, interest and title of the borrower in the house, property or land subsisting at the time the housing loan was made shall vest, without any conveyance or transfer, in the authority, and
(b) the provisions of section 23 of the Registration of Title Act, 1964, shall not apply to such vesting unless the house is retained by the authority in accordance with subsection (7) (b).
(7) Where a housing authority recover possession of a house, property or other land under subsection (5), the authority, at their discretion, may—
(a) sell it at the best price reasonably obtainable, or
(b) retain and use it for the purposes of any of their functions.
(8) Subject to subsection (9), where a housing authority recover possessions of a house, property or other land under subsection (5), the provisions of section 21 (3) of the Conveyance Act, 1881, shall apply as if—
(a) the authority were a mortagagee who has exercised the power of sale conferred by that Act, and
(b) the value of the interest in the said house, property or other land at the disposal of the authority were money received by a mortgagee arising from the sale of mortgaged property, and
(c) any costs incurred by the authority in relation to arbitration under subsection (11) were costs properly incurred by a mortgage in such a sale.
(9) Where a housing authority recover possessions of a house in accordance with subsection (5) and let that house or another house of which they are the owner to the borrower from whom possession was recovered or to any person who might reasonable by expected to reside with him, then the authority may, at their discretion, retain the residue that would otherwise be payable by them by virtue of subsection (8), provided that—
(a) they discharge any encumbrance to which the security given for the housing loan concerned had pripority, and
(b) on or before such letting, the borrower is made aware in writing of the provisions of this subsection and subsection (8).
(10) Subsection (9) shall not prevent a housing authority from making of the such monetary arrangements with a borrower as they consider equitable in the circumstances.
(11) Where a house recovered by a housing authority is retained by them and in default of agreements between the authority and the borrower, the value of the interest in the house at the disposal of the authority shall be determined under and in accordance with the acquisition of Land (Assessment of Compensation) Act, 1919, by a property arbitator nominated under the Property Values (Arbitrations and Appeals) Act, 1960.
(12) Any sum due to a housing authority by any person in respect of a housing loan may, without prejudice to any other power in that behalf, be recovered by the authority from that person as a simple contract debt in any court of competent jurisdiction.
(13) Regulations under this section may, in particular, but without prejudice to the generality of subsection (1), make provision in relation to all or any one or more or the following:
(a) the class or classes of houses, buildings or other land, sites, works and accommodation in respect of which a loan may be made;
(b) the class or classes of persons to whom loans or loans of different classes may be made;
(c) the amount of a loan and the manner of its determination;
(d) requirements in relation to the financial and family circumstances of persons to whom a loan may be made;
(e) the manner in which the income of either or both the borrower and this household may be determined for the purposes of the regulations;
(f) the security, if any, to be taken for a loan and the manner of assessing the adequacy of the security;
(g) requirements in relation to the occupation of a house or other accommodation in respects of which a loan is made;
(h) the repayment of a loan including the manner of and period for such repayment;
(i) the manner of the payment of interest on a loan;
(j) requirements in relation to the floor area of a house in respect of which a loan may be made, measured in such manner as may, form time to time, be determined by the Minister;
(k) requirements in relation to standardes of construction, works and repair and the availability in a house or other accommodation, in respect of which a loan may be made, of water, Swerage or other services;
(l) requirements, in the case for a loan for the carrying out of improvement or conversion works, in relation to the suitability of the house or property concerned for improvement or conversion and the type and purpose of the improvement or conversion works;
(m) the payments by instalments of a loan, whether or not the security to be taken, if any, is perfected;
(n) the conditions subject to which a house, property or other land is respect of which a loan is made, is held by a borrower during the period until the loan is repaid, and the interest thereon is paid, to the housing authority;
(o) requirements, in the case of a borrower other than a natural person, as to the constitution of such a borrower;
(p) the repayment of the capital debt outstanding and any interest due in the event of default by the borrower of an agreement under this section or in such other circumstances as the Minister may consider appropriate;
(q) the giving of notice to a borrower requiring him to comply with a condition subject to which a loan is made to him to subject to which a house, property or other land in respect of which a loan is made, is held by him;
(r) the adjustment of the capital debt outstanding on a loan (including the conversion of interest into such debt) and the extension of repayment period;
(s) the insurance of a house, property or other land in respect of which a loan is made or which has been given as security for a loan;
(t) mortgage protection insurance;
(u) the form of, or matters to be specified in, a loan agreement.
(14) In this section “borrower” means the person to whom a housing loan has been made and includes a successors in title of that person and the personal representative of that person or successor in title.
12. Security of abandoned houses.
(1) Where—
(a) in the opinion of a housing authority or the Housing Finance Agency plc, a house in respect of which a relevant loan has been made by the authority or the Agency, as the case may be, is abandoned to reside with the by the borrower and any other person who might reasonably be expected to reside with the borrower, and the house has been or is in danger of being damaged or trespassed upon or of having any of its fixtures of fittings damaged or removed, and
(b) the house is not occupied by any person with the lawful consent of the borrower,
then the authority or the Agency, as the case may, be without prejudice to due process of law for recovering possession of the house or any proceedings for the recovery possessions of the house, make whatever arrangements are considered necessary to secure and protect the house and for those purposes a person authorised by the authority or the Agency may enter the house at any time and may do therein anything reasonable necessary to secure and protect the house.
(2) Where the address at the which the borrower resides for the time being is known to the housing authority or the Housing Finance Agency plc, as the case may be, the borrower shall be notified by them of the arrangements being made in to secure and protect the house under subsection (1).
(3) The expenses incurred by a housing authority or the Housings Finance Agency Plac under this section may be recovered by the authority or the Agency, as the case may be—
(a) from the borrower as a simple contract debt in any court of compentent jurisdiction, or.
(b) by any addition to the capital debt outstanding on the relevant loan.
(4) In this section—
“borrower” means the persons to whom a relevant loans has been made and includes a successors in title of that persons and the personal representative of that person or successor in title;
“relevant loan” means—
(a) a housing loan made by virtue of section 11, or
(b) a loan made by a housing authority under section 39 of the Principal Act or section 8 of the Act of 1979, or
(c) a loan made by the Housing Finance Agency plc in respect of a house.
13. Disposal of house mortgages.
(1) The Minister may, with the consent of the Minister for Finance and after consultation with the Central Bank […], make regulations in relation to the transfer, sale or assignment of mortgages.
(2) Where regulations made under this section are for the time being in force, any contract purporting to effect the transfer, sale or assignments of mortagages in contravations of the provisions of such regulations shall be void.
(3) Regulations under this section may, in particular, but without prejudice to the generality of subsection (1), relate to all mortgages or to of a mortgages of a prescribed class or classes and may include provisions in relation to all or any one or more of the following:
(a) the obtaining of a mortgagor’s consent to the transfer, sale or assignment of his mortagages;
(b) information to be given to a mortgagor in connection with the transfer, sale or assignment of his mortgage;
(c) the terms and conditions of the transfer, sale or assignments of the mortgages;
(d) undertakings to be given by the holder of a mortgage or the transferee, purchaser or assignee, as respects—
(i) the varying of the interest rate of the loan to which the mortgage relates,
(ii) procedure and policy in relation to the treatment of appears of payments due under the mortagage;
(e) the prohibition or restruction of the charging of redemption fees by the transferee, purchaser or assignee;
(f) the insurance of the mortgaged property and its arrangements;
(g) the continuation of mortgage protection insurance, if any;
(h) the application of the provisions of section 26 of the Building Societies Act, 1989.
(4) In this section—
“mortgage” means, a mortgage of a freehold or leasehold estate or interest in house;
“redemption fee” means, in relation to a loan, any sum in addition to the principal and any interest due on such principal (without regard to the fact of the redemption of the loan) at the time of redemption of the whole or part of the loan.
14. Disposal of mortgages held by housing authorities of Housing Finance Agency plc.
(1) A housing authority or the Housing Finance Agency plc may, with the consent of the Minister, or where the Minister so directs, shall, on such terms and conditions as may be approved of by the Minister and the Minister for Finance, Transfer, sell or assign some or all of the mortgages held by the authority or the Agency, as the case may be, in respect of loans made under the Housing Acts, 1966 to 1992, or the Housing Finance Agency Acts, 1981 to 1992.
(2) The proceeds of the transfer, Sale or assignment of mortgages by a housing authority or the Housing Finance Agency plc under this section shall be used for such purposes as the Minister may, with the consent of the Minister for Finance, direct.
(3) A housing authority may make joint arrangements with other housing authorities or the Housing Finance Agency plc for the transfer, sale or assignment of mortageges under this section.
(4) The transfer, sale or assignment of mortagages under this section by a housing authority shall, unless it is the subject of a direction by the Minister, be a reserved function.
15. Transfer to Housing Finance Agency plc of certain Local Loans Fund loans.
(1) Subject to this section, the Minister, with the consent of the Minister for Finance, may by order, vest debt due to the Local Loans Funds by a housing authority in the Housing Finance Agency plc.
(2) An order under subsection (1)—
(a) shall be expressed and shall operate to vest on the date specified therein debt of an amount specified therein without any further conveyance or transfer, and
(b) may be expressed to apply to all or any part of the debt of any particular housing authority, any such part being determined by reference to such matters as the Minister considers appropriate.
(3) In consideration of debt vested init under subsection (2), the Housing Finance Agency plc shall, on the date of such vesting, pay into the Local Loans Funds a sum equal to the amount of the debt so vested.
(4) With effect from the date of the vesting of debt under this section, all contracts, agreements and undertaking entered into by, made with or given to the Commissioners of Public Works in Ireland by a housing authority in respect of the said debt shall be enforceable by, against or in favour of the Housing Finance Agency plc as fully and effectually in every respect as if, instead of the Commissioners, the Housing Finance Agency plc had been the person by whom they were entered into, with whom they were made or to whom they were given, as the case may be.
(5) This Minister may by order amend or revoke an order made under this section at any time before the date on which it is to take effect.
(6) Any sum paid by the Housing Finance Agency plc under Subsection (3) shall be paid into, or disposed of for the benefit of the Exchequer in accordance with the directions of the Minister for Finance.
(7) In this section “debt” means amounts outstanding on moneys advanced out of the Local Loans Fund under section 4 of the Local Loans Fund Act, 1935, to a housing authority for the purposes of making loans to persons for the acquisition, construction or improvement of houses.
21. Statutory declarations.
It shall be lawful for a member of the Garda Síochána or a person in Holy Orders or a regular minister of any religious denomination or community to take and receive a statutory declaration for the purposes of any provision of or under the Housing Acts, 1966 to 1992.
32. Extension of application of section 6 of Landlord and Tenant (Amendment) Act, 1980.
The Provisions of section 6 of the Landlord and Tenant (Amendment) Act, 1980, shall apply in respect of—
(a) a house leased under a shared ownership lease, and
(b) housing accommodation provided after the commencement of this section for letting by [an approved housing body,],
26. Power of housing authorities to sell certain dwellings provided under principal Act.
(1) Omitted. Amends s.90 of the Housing Act 1966 (No. 21 of 1966).
(2) [ … ]
(3) Section 90 of the Principal Act (as amended by this Act) shall not apply to a house during a period it is let by a housing authority under an agreement, entered into before the commencement of section 3, which requires the tenant to accept from the authority when offered by them a shared ownership lease.
as if the person granting the lease or the [approved housing body], as the case may be, were a housing authority and the house or the housing accommodation were premises provided by the authority.
HOUSING (MISCELLANEOUS PROVISIONS) ACT 1997
Section 1A
F9[
Person ceasing to be relevant purchaser
1A. (1) A person shall cease to be a relevant purchaser for the purposes of this Act—
(a) where the sale of the house concerned was effected by a transfer order made by way of a shared ownership lease provided for in accordance with Regulation 11 of the Housing (Sale of Houses) Regulations 1995 (S.I. No. 188 of 1995)—
(i) on the date of expiry of the lease due to the effluxion of time, or
(ii) where the purchaser purchases the reversion expectant on the termination of the lease, on the expiry of—
(I) the period of 20 years from the date the transfer order became effective, or
(II) the period from the date the transfer order became effective to the date of purchase of the reversion expectant on the termination of the lease,
whichever is the longer period,
(b) in the case that the sale of the house was effected by a transfer order made by way of a lease other than a lease referred to in paragraph (a) —
(i) on the date of expiry of the lease due to the effluxion of time, or
(ii) where the purchaser acquires the fee simple in the house from the housing authority under section 26 of the Landlord and Tenant (Ground Rents) (No. 2) Act 1978, on the expiry of—
(I) the period of 20 years from the date the transfer order became effective, or
(II) the period from the date the transfer order became effective to the date of acquisition of the fee simple,
whichever is the longer period,
(c) in the case that the house was sold under Part 3 or 4 of the Housing (Miscellaneous Provisions) Act 2009 or Part 3 of the Housing (Miscellaneous Provisions) Act 2014, on the expiration of the charged period provided for by each of those Parts respectively, or
(d) in any other case, on the expiry of the period of 20 years from the date of the sale of the house.
(2) Subsection (1) shall apply to a person irrespective as to when the house (other than an affordable house) was sold by the housing authority to the person concerned and, in the definition of ‘relevant purchaser’ in section 1—
(a) the reference in paragraph (a) of that definition to the Housing Acts 1966 to 2014, and
(b) paragraph (b) of that definition,
shall be construed accordingly.]
Annotations
Amendments:
F9
Inserted (13.04.2015) by Housing (Miscellaneous Provisions) Act 2014 (21/2014), s. 19(2), S.I. No. 121 of 2015.
Housing (Miscellaneous Provisions) Act 2002
PART 2
Affordable and Shared Ownership Housing Schemes
Section 5
Definitions.
5.—In this Part—
“affordable house” means a house made available for sale in accordance with this Part by a housing authority at a price less than the market value and “affordable housing” shall be read accordingly;
“market value”, in relation to a house, means the price which, in the opinion of the housing authority concerned, might reasonably be obtained in respect of such house, if sold on the open market;
“shared ownership lease” means a shared ownership lease granted by a housing authority under section 3 of the Act of 1992.
Section 6
Provision of affordable houses.
6. —F1[…]
Annotations
Amendments:
F1
Repealed (12.09.2018) by Housing (Miscellaneous Provisions) Act 2009 (22/2009), s. 7 and sch. 1 item 5, S.I. No. 350 of 2018, subject to transitional provisions in s. 96.
Editorial Notes:
E12
Previous affecting provision: subss. (1A), (1B) inserted (24.12.2002) by Planning and Development (Amendment) Act 2002 (32/2002), s. 19, commenced on enactment; section repealed as per F-note above.
Section 7
Subsidy towards housing loan charges.
7.—(1) The Minister may, with the consent of the Minister for Finance and subject to regulations that may be made by the Minister under this section, pay, out of moneys provided by the Oireachtas, a subsidy towards the loan charges incurred by a person to whom a housing authority makes a loan for the purchase of an affordable house.
(2) Without prejudice to the generality of subsection (1), regulations under this section may provide for all or any of the following:
(a) the amount of a subsidy, the conditions under which it may be paid and the manner of its payment, including payment by instalments;
(b) the payment to the housing authority making the loan of a subsidy on behalf of the person to whom it is payable under subsection (1) and the conditions under which it is paid to the housing authority;
(c) the class or classes of persons to whom a subsidy may be paid;
(d) requirements in relation to the family, income and other financial circumstances of a person to whom a subsidy may be paid;
(e) the period within which application for a subsidy shall be made;
(f) requirements in relation to the payment of any other subsidy or grant in respect of a house under any enactment (including this Act).
Annotations
Modifications (not altering text):
C10
Functions transferred and references to “Department of Finance” and “Minister for Finance” construed (29.07.2011) by Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 (S.I. No. 418 of 2011), arts. 2, 3, 5 and sch. 1 part 2, in effect as per art. 1(2), subject to transitional provisions in arts. 6-9.
2. (1) The administration and business in connection with the performance of any functions transferred by this Order are transferred to the Department of Public Expenditure and Reform.
(2) References to the Department of Finance contained in any Act or instrument made thereunder and relating to the administration and business transferred by paragraph (1) shall, on and after the commencement of this Order, be construed as references to the Department of Public Expenditure and Reform.
3. The functions conferred on the Minister for Finance by or under the provisions of —
(a) the enactments specified in Schedule 1, and
(b) the statutory instruments specified in Schedule 2,
are transferred to the Minister for Public Expenditure and Reform.
…
5. References to the Minister for Finance contained in any Act or instrument under an Act and relating to any functions transferred by this Order shall, from the commencement of this Order, be construed as references to the Minister for Public Expenditure and Reform.
…
Schedule 1
Enactments
…
Part 2
1922 to 2011 Enactments
Number and Year
Short Title
Provision
(1)
(2)
(3)
…
…
…
No. 9 of 2002
Housing (Miscellaneous Provisions) Act 2002
Sections 7, 11 and 12
…
…
…
Editorial Notes:
E13
Power pursuant to section exercised (30.12.2005) by Housing (Mortgage Subsidy) Regulations 2005 (S.I. No. 914 of 2005).
Section 8
Allocation of affordable houses.
8. —F2[…]
Annotations
Amendments:
F2
Repealed (12.09.2018) by Housing (Miscellaneous Provisions) Act 2009 (22/2009), s. 7 and sch. 1 item 5, S.I. No. 350 of 2018, subject to transitional provisions in s. 96.
Section 9
Control on resale of affordable houses.
9. —F3[…]
Annotations
Amendments:
F3
Repealed (12.09.2018) by Housing (Miscellaneous Provisions) Act 2009 (22/2009), s. 7 and sch. 1 item 5, S.I. No. 350 of 2018, subject to transitional provisions in s. 96.
Editorial Notes:
E14
Previous affecting provision: interest was payable on certain sums due under section as provided by Housing (Miscellaneous Provisions) Act 2009 (22/2009), s. 33(1)(e), not commenced as of date of revision.
E15
Previous affecting provision: subs. (3A)(c) amended (1.12.2009) by Land And Conveyancing Law Reform Act 2009 (27/2009), s. 8(1) and sch. 1, S.I. No. 356 of 2009; section repealed as per F-note above.
E16
Previous affecting provision: subs. (3A) inserted (12.12.2004) by Housing (Miscellaneous Provisions) Act 2004 (43/2004), s. 1, commenced on enactment; section repealed as per F-note above.
Section 10
Shared ownership lease: purchase of interest of housing authority in house or sale of house.
10. —F4[…]
Annotations
Amendments:
F4
Repealed (12.09.2018) by Housing (Miscellaneous Provisions) Act 2009 (22/2009), s. 7 and sch. 1 item 5, S.I. No. 350 of 2018, subject to transitional provisions in s. 96.
Editorial Notes:
E17
Previous affecting provision: interest was payable on certain sums due under section as provided by Housing (Miscellaneous Provisions) Act 2009 (22/2009), s. 33(1)(e), not commenced as of date of revision.
AFFORDABLE HOUSING ACT 2021
PART 4
Provision of funding to purchase equity share in dwellings
Section 41
Minister may provide funding to undertaking to enable purchase of dwellings
41. (1) The Minister may, out of moneys provided by the Oireachtas, contribute funds towards a special purpose vehicle established to make funds available to purchase an equity share in dwellings for the purpose of assisting persons to purchase such dwellings in accordance with the terms of a memorandum of agreement to be made between the Minister and such special purpose vehicle.
(2) Without prejudice to the generality of subsection (1), the memorandum of agreement to be made between the Minister and such special purpose vehicle may provide for—
(a) the persons or classes of persons who are to be eligible to purchase a dwelling in which an equity share is to be purchased with funds made available by the special purpose vehicle, in particular having regard to the financial means of such persons and their existing ability to obtain a mortgage that would enable the purchase of a dwelling suitable for their needs,
(b) the dwellings or classes of dwellings for the purchase of which funds may be made available by the special purpose vehicle,
(c) the amount of funding to be contributed by the Minister and any other person to the special purpose vehicle,
(d) the forms or types of security to be required in respect of the equity share acquired in respect of funds made available by the special purpose vehicle and the priority to be given to the repayment of funds contributed by the Minister and funds contributed by any other person to the special purpose vehicle,
(e) conditions in relation to purchaser redemption of the equity share acquired in respect of funds made available by the special purpose vehicle, including the manner of, and period for, such redemption,
(f) conditions in relation to the rate of interest to be charged in respect of funds made available by the special purpose vehicle,
(g) conditions in relation to the recovery of funds associated with a dwelling in which an equity share has been purchased with funds made available by the special purpose vehicle, including where a property purchased with the benefit of such funds is sold or transferred,
(h) conditions in relation to fees or charges that may be applied by the special purpose vehicle, or persons acting on its behalf, in relation to funds made, or to be made, available by it,
(i) conditions for contractors to qualify to provide dwellings for the purchase of which funds may be made available by the special purpose vehicle,
(j) such other conditions as the Minister considers appropriate in order to achieve the purposes of this Act including measures to ensure the effectiveness and efficiency of the arrangement, the protection of the State’s financial interests, the attractiveness of the arrangement to the persons contributing funds to the special purpose vehicle, the terms on which such contributions may be made and the control and operation of the special purpose vehicle, and
(k) such other matters as the Minister may prescribe.
(3) Without prejudice to the generality of subsection (2), the Minister may make regulations for the purposes of enabling this section to have full effect and to achieve the purposes of this Act and such regulations may, in particular, provide for the joint funding or management, or both, of the special purpose vehicle by the State and the other parties contributing funds to the special purpose vehicle, including the control and operation of the special purpose vehicle, and may also make provision for any of the matters referred to in subsection (2).
Section 41A
F6[
Provision supplemental to section 41 of Act of 2021
41A. (1) Any deed or agreement between the special purpose vehicle and the homeowner which secures the equity share of the special purpose vehicle in a dwelling shall be registrable in the Registry of Deeds as an act of the homeowner affecting the dwelling.
(2) For the avoidance of doubt, the court or, subject to an appeal to the court, the Authority may on an application to it under section 98 of the Act of 1964 make an order or, in the case of an application to the Authority, an entry, under that section inhibiting any registration, on any folio in which a dwelling or any part thereof is registered, under a disposition by, or transmission from, the registered owner without the consent of the special purpose vehicle.
(3) Where, in accordance with the memorandum of agreement referred to in section 41, any deed or agreement between the special purpose vehicle and the homeowner confers a power of sale of the dwelling on the special purpose vehicle (referred to in this section as a “power of sale”), the following provisions shall apply:
(a) a sale by the special purpose vehicle professed to be in exercise of the power of sale shall operate to convey the dwelling concerned to the purchaser thereof—
(i) freed from all estates, interests and rights in respect of which the equity share has priority,
(ii) unless discharged by the special purpose vehicle, subject to all estates, interests and rights which have priority over the equity share;
(b) subject to section 51 of the Act of 1964, a conveyance by the special purpose vehicle to a purchaser vests—
(i) the entire estate or interest of the homeowner and the special purpose vehicle in the dwelling in the purchaser freed and discharged from the equity share,
(ii) any fixtures included in the dwelling and the sale in the purchaser.
(4) At any time after the power of sale becomes exercisable, the special purpose vehicle may—
(a) demand and obtain from any mortgagee whose mortgage ranks in priority to the equity share particulars of the moneys secured on such mortgage and any ancillary information reasonably necessary to exercise the power of sale, and
(b) exercise the power of sale notwithstanding any priority of such mortgage.
(5) Where a conveyance is made in professed exercise of the power of sale, the title of the purchaser is not impeachable on the ground that the power of sale was not exercisable or was improperly exercised, and a purchaser thereof is not, either before or on conveyance, required to see or inquire whether the power of sale was properly exercised.
(6) Any person who suffers loss as a consequence of an unauthorised or improper exercise of the power of sale has a remedy in damages against the special purpose vehicle exercising the power.
(7) Moneys received by the special purpose vehicle that arises from the sale of the dwelling concerned shall be applied in the following order:
(a) in discharge of prior incumbrances, if any, to which the sale was not made subject or payment into court of a sum to meet any such prior incumbrances;
(b) in payment of all charges, costs and expenses properly incurred by the special purpose vehicle as incidental to the sale or any attempted sale or otherwise;
(c) in discharge of the equity share and any costs and expenses properly incurred by the special purpose vehicle in any proceedings necessary to recover possession of the dwelling.
(8) Any residue of the money received by the special purpose vehicle after the discharge of the amount due under subsection (7)(c) shall be held by the special purpose vehicle upon the trusts provided for in section 107 (3) of the Land and Conveyancing Law Reform Act 2009 and distributed accordingly.
(9) In this section—
“Act of 1964” means the Registration of Title Act 1964;
“Authority” means the Property Registration Authority;
“dwelling” means a dwelling in which a special purpose vehicle purchases an equity share;
“equity share” means an equity share referred to in section 41(1);
“homeowner” means the owner of a dwelling;
“special purpose vehicle” means a special purpose vehicle referred to in section 41(1) and, in relation to any equity share, includes a successor in title of the special purpose vehicle to such equity share.]
Annotations
Amendments:
F6
Inserted (28.07.2022) by Regulation of Providers of Building Works and Miscellaneous Provisions Act 2022 (15/2022), s. 86, S.I. No. 409 of 2022.
Editorial Notes:
E28
The section heading is taken from the amending section in the absence of one included in the amendment.
PART 5
Arrangements between housing authority and the Agency in relation to eligibility and priority for certain dwellings
Section 42
Arrangements between housing authority and the Agency
42. (1) A housing authority may enter into an arrangement with the Land Development Agency(in this section referred to as the “Agency”) whereby the housing authority shall—
(a) notify the public in accordance with section 9 before the Agency makes dwellings available for sale, and
(b) assess and determine—
(i) in accordance with section 10 , the eligibility of applicants for dwellings to be sold by the Agency, and
(ii) in accordance with section 11 , the relative priority to be afforded to applicants for dwellings to be sold by the Agency,
as if the houses to be provided by the Agency were to be sold under an affordable dwelling purchase arrangement within the meaning of Part 2 .
(2) Where the Agency sells dwellings that are the subject of an arrangement referred to in subsection (1) such dwellings shall be sold to eligible purchasers in accordance with the relative priority determined by the housing authority subject to agreement being reached between the Agency and such purchasers regarding such sale.
Annotations
Modifications (not altering text):
C2
Reference to “Land Development Agency” construed (31.03.2022, dissolution day) by Land Development Agency Act 2021 (26/2021), s. 36(2), S.I. No. 144 of 2022.
Transfer of functions to Agency
36. …
(2) References to the dissolved body in any enactment (other than this Act) or any instrument made under such an enactment shall, on and after the dissolution day, be construed as references to the Agency.
…
PART 6