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S.I. No. 137/1965 - Housing Authorities (Loans For Acquisition Or Construction of Houses) (Amendment) Regulations, 1965.

S.I. No. 137 of 1965.

HOUSING AUTHORITIES (LOANS FOR ACQUISITION OR CONSTRUCTION OF HOUSES) (AMENDMENT) REGULATIONS, 1965.

The Minister for Local Government in exercise of the powers conferred on him by section 11 of the Housing (Loans and Grants) Act, 1962 (No. 27 of 1962) with the consent of the Minister for Finance hereby makes the following Regulations :—

1. In these Regulations "the Principal Regulations" means the Housing Authorities (Loans for Acquisition or Construction of Houses) Regulations, 1964 ( S.I. No. 130 of 1964 ).

2.—(1) These Regulations may be cited as the Housing Authorities (Loans for Acquisition or Construction of Houses) (Amendment) Regulations, 1965.

(2) These Regulations and the Principal Regulations shall be construed as one and may be cited together as the Housing Authorities (Loans for Acquisition or Construction of Houses) Regulations, 1964 and 1965.

3.—(1) Article 2 of the Principal Regulations is hereby amended by the substitution therein for the definition of "ownership" of the following definition—

" "ownership" means such interest or combination of interests in a house as, together with the interest of the purchaser of the ownership, will constitute either a fee simple (including fee farm) interest in possession or a leasehold interest in possession of such number of years unexpired at the date the loan is made, or where the loan is made in instalments at the date of the payment of the first instalment, as is equal to or greater than the sum of the term fixed for the repayment of the loan and fifteen years."

(2) The following article shall be substituted for article 3 of the Principal Regulations :—

"3. (1) Subject to the provisions of paragraph (2) of this article, the amount of a loan shall not exceed—

(a) £2,500 or 95 per cent. of the value of the house excluding from that value the amount of any grant under any enactment, whichever is the less or,

(b) in case the house is situate in the county of Dublin or in the county boroughs of Dublin, Cork,Limerick or Waterford or in the borough of Dun Laoghaire—£2,700 or 95 per cent of the value of the house excluding from that value the amount of any grant under any enactment, whichever is the less.

(2) Where the borrower surrenders to a housing authority the tenancy of a dwelling provided by a housing authority under the Housing of the Working Classes Acts, 1890 to 1958 or under the Labourers Acts, 1883 to 1962 the amount of a loan shall not exceed the appropriate amount prescribed in paragraph (1) of this article or 99 per cent. of the value of the house excluding from that value the amount of any grant under any enactment, whichever is the less".

GIVEN under the Official Seal of the Minister for Local Government this 28th day of June, 1965.

NEIL T. BLANEY,

Minister for Local Government.

The Minister for Finance hereby consents to the foregoing Regulations.

Dated this 28th day of June, 1965.

JOHN LYNCH,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations provide for increases in the maximum amount of loan which may be made by housing authorities to persons for the purpose of acquiring or constructing houses. They also amend the definition of "ownership" contained in the Housing Authorities (Loans for Acquisition or Construction of Houses) Regulations, 1964 ( S.I. No. 130 of 1964 ).