S.I. No. 301/1987:

HOUSING REGULATIONS, 1980 (AMENDMENT) REGULATIONS, 1987.

HOUSING REGULATIONS, 1980 (AMENDMENT) REGULATIONS, 1987.

The Minister for the Environment, in exercise of the powers conferred on him by sections 5 and 39 of the Housing Act, 1966 (No. 21 of 1966) and by section 8 of the Housing (Miscellaneous Provisions) Act, 1979 (No. 27 of 1979), with the consent of the Minister for Finance, hereby makes the following Regulations:

1. These Regulations may be cited as the Housing Regulations, 1980 (Amendment) Regulations, 1987.

2. In these Regulations--

"the Agency" means the Housing Finance Agency plc;

"the Regulations of 1980" means the Housing Regulations, 1980 ( S.I. No. 296 of 1980 );

"the Regulations of 1985" means the Housing Regulations, 1980 (Amendment) Regulations, 1985 ( S.I. No. 223 of 1985 );

"the Regulations of 1986" means the Housing Regulations, 1980 (Amendment) Regulations, 1986 ( S.I. No. 386 of 1986 ).

3. The Regulations of 1980 (as amended by the Regulations of 1986) are hereby amended by the substitution for article 39 of the following article:

"39. (1) The rate of interest on a loan shall--

( a ) in the case of loans made before the 1st day of July, 1986, be such rate as may be fixed by the housing authority making the loan, provided that the rate shall not be less than the rate at which money from the Local Loans Funds is lent to housing authorities at that time for the purpose of making such loans and shall not exceed 0.5 per cent. more than such rate;

( b ) in the case of loans made on or after the 1st day of July, 1986 and before the 1st day of December, 1987, be such rate as may be fixed by the housing authority making the loan, provided that the rate shall not be less than the rate at which money from the Local Loans Fund or the Agency is lent to housing authorities at that time for the purpose of making such loans and shall not exceed 0.75 per cent. more than such rate.

( c ) in the case of loans made on or after the 1st day of December, 1987, be such rate as may be charged from time to time by the housing authority making the loan, provided that the rate shall not be less than the rate at which money from the Local Loans Fund or the Agency is lent to housing authorities, from time to time, for the purpose of making such loans and shall not exceed 0.75 per cent. more than such rate.

(2) Where the making of a loan has been approved by a housing authority on or before the 28th day of October, 1987 and full payment of the loan has not been made before the 1st day of December, 1987, the rate of interest on the loan may be the rate applicable to loans made on or after the 1st day of July, 1986 and before the 1st day of December, 1987.".

4. Article 51 of the Regulations of 1980 (as substituted by the Regulations of 1985) is hereby amended by the substitution for the Table to the article of the following Table:

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TABLE

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5. The Regulations of 1980 are hereby amended by the substitution for article 56 of the following article:

"56 (1) The rate of interest on a loan shall be--

( a ) in the case of loans made before the 1st day of December, 1987, be such rate as may be fixed by the housing authority making the loan, provided that the rate shall not be less than the rate at which money from the Local Loans Fund or the Agency is lent to housing authorities at that time for the purpose of making such loans and shall not exceed 0.5 per cent. more than such rate; or

( b ) in the case of loans made on or after the 1st day of December, 1987, be such rate as may be charged from time to time by the housing authority making the loan, provided that the rate shall not be less than the rate at which money from the Local Loans Fund or the Agency is lent to housing authorities, from time to time, for the purpose of making such loans and shall not exceed 0.5 per cent. more than such rate.

(2) Where the making of a loan has been approved by a housing authority on or before the 28th day of October, 1987 and full payment of the loan has not been made before the 1st day of December, 1987 the rate of interest on the loan may be the rate applicable to loans made before the 1st day of December, 1987.".

GIVEN under the Official Seal of the Minister for the Environment this 4th day of December, 1987.

PADRAIG FLYNN,

Minister for the Environment.

The Minister for Finance hereby consents to the foregoing regulations.

GIVEN under the Official Seal of the Minister for Finance this 4th day of December, 1987.

RAY MACSHARRY,

Minister for Finance.

EXPLANATORY NOTE

These Regulations further amend the Housing Regulations, 1980. They provide, with effect from 1st December, 1987, for the introduction of a variable interest rate for house purchase and improvement loans made by housing authorities, and for an increase in the amount of a secured improvement loan which a housing authority may advance.