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PART 4
Provision of funding to purchase equity share in dwellings
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Minister may provide funding to undertaking to enable purchase of dwellings
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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.
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(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—
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(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,
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(b) the dwellings or classes of dwellings for the purchase of which funds may be made available by the special purpose vehicle,
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(c) the amount of funding to be contributed by the Minister and any other person to the special purpose vehicle,
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(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,
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(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,
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(f) conditions in relation to the rate of interest to be charged in respect of funds made available by the special purpose vehicle,
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(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,
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(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,
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(i) conditions for contractors to qualify to provide dwellings for the purchase of which funds may be made available by the special purpose vehicle,
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(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
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(k) such other matters as the Minister may prescribe.
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(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).
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