The Minister for the Environment is considering giving grants to first-time house buyers.
According to reports in the Irish Independent, the plans are targeting urban couples who are struggling to meet the Central Bank’s mortgage deposit rules.
The move comes amid reports the Government is considering new measures to tackle mortgage arrears.
These new plans being considered by the Labour Party would see Minister Alan Kelly direct urban local authorities to give cash grants to those struggling to get on to the property market.
It is reported that senior figures within the party support the plans. The proposals would likely form part of the Labour’s General Election manifesto, and not be on the table for October’s Budget.
It comes amid growing speculation that an announcement on new plans to tackle the mortgage arrears crisis will be unveiled by the coalition after the Spring Economic Statement at the end of the month.
Commenting on reports, the Jobs Minister, Richard Bruton, said his Cabinet colleagues are “looking at options” to help first time buyers
Minister Bruton said he is not aware of the specific proposals, but knows the Government is looking for solutions for first time buyers.