Bill to require a third of housing developments to be reserved for first-time buyers
A bill to require nearly a third of all housing developments to be set aside for first-time buyers is set to be introduced by Fianna Fáil next month.
The Planning and Development (Amendment) (First Time Buyers) Bill will be introduced by Fianna Fáil housing spokesperson Darragh O’Brien in September, The Irish Times reports.
It will introduce a requirement that 30 per cent of new homes be set aside for first-time buyers, similar to existing legislative provisions requiring 10 per cent of all new homes to be set aside for social and affordable housing.
The requirement will also apply to the purchase of developments by the State and approved housing bodies (AHBs).
However, exemptions will be granted for rental developments that would not otherwise be built.
Mr O’Brien said the rule would “prevent developments that are not earmarked as just build to rent from being bought up by institutional investors when they go to market”.