Affordable Housing Act 2021

(14) The provisions of the Act of 2004 specified in column (2) of the Table to this section at each reference number shall apply to cost rental tenancies as if the provisions of the Act of 2004 specified at the same reference number in column (3) of the Table were references to the provisions of this section specified at the same reference number in column (4) of the Table, subject, where relevant, to any proviso specified at the same reference number in column (5).

Table

34. Housing assistance payment

34. (1) Notwithstanding the provisions of Part 4 of the Act of 2014 a household shall not be deemed to be qualified for housing assistance in respect of a cost rental dwelling, and for the avoidance of doubt—

(a) a housing authority shall not provide housing assistance in respect of a cost rental dwelling, and

(b) a landlord shall not receive the payment of housing assistance in respect of a cost rental dwelling,

unless at least one member of the household for which housing assistance is sought has been party to a current tenancy agreement in respect of that cost rental dwelling for a continuous period of more than 6 months.

(2) The payment or receipt of housing assistance contrary to subsection (1) shall not of itself affect the validity the cost rental tenancy concerned.

(3) Compliance with subsection (1) shall not constitute discrimination in the provision of accommodation within the meaning of section 6 of the Equal Status Act 2000.

35. Cost rental tenancy not social housing support

35. (1) For the avoidance of doubt, a tenancy in respect of a cost rental dwelling is not social housing support within the meaning of section 19 of the Act of 2009, notwithstanding that the dwelling may be provided or let by a housing authority, or by an approved housing body.

(2) Where housing assistance in respect of a cost rental dwelling is provided to a household specified in section 34 such assistance shall be deemed to be an appropriate form of social housing support for a household that is determined by a housing authority under section 20 of the Act of 2009 to be qualified for such support.

36. Obligation of owner to provide information to Minister regarding cost rental dwelling

36. For the purpose of monitoring compliance with the requirements of this Part and for the compilation of statistical data with regard to the operation of this Part, the Minister may make regulations requiring owners and, by reference to a prescribed period, former owners, of cost rental dwellings to—

(a) maintain records of such information as may be prescribed in relation to the cost rental dwelling concerned, including:

(i) information regarding the letting of that dwelling during such period as may be prescribed;

(ii) information regarding the setting or review of the cost rental rent during such period as may be prescribed;

(iii) information regarding any application for, or payment of, housing assistance in respect of the dwelling during such period as may be prescribed,

and

(b) make such records available to the Minister upon request in accordance with such procedure as may be prescribed.

37. Extension of minimum period

37. (1) The owner of a cost rental dwelling may, with the consent of any person who gave consent to the application under section 29(3)(c), apply to the Minister for an extension of no less than 5 years to the minimum period—

(a) prior to the end of the minimum period, or

(b) after the end of the minimum period (provided that the relevant cost rental designation has not been revoked).

(2) Where the Minister receives an application under subsection (1), he or she shall give consent in writing under his or her seal (in this Part referred to as a “minimum cost rental period extension”), in such form as the Minister may prescribe, to the minimum period specified in the cost rental designation relating to the dwelling being—

(a) in the case of an application referred to in subsection (1)(a), extended by the period specified in the minimum cost rental period extension, and

(b) in the case of an application referred to in subsection (1)(b), such new period as is specified in the minimum cost rental period extension.

(3) As soon as practicable after it is sealed by the Minister, a copy of the minimum cost rental period extension shall be furnished to the owner of the dwelling concerned and to any person who gave consent to the application under section 29(3)(c).

(4) The minimum cost rental period extension shall be registrable in the Registry of Deeds as an act of the owner affecting the cost rental dwelling and, as the case may be, in the Land Registry as a burden on any folio in which the cost rental dwelling or any part thereof is registered and where the Minister seals a minimum cost rental period extension under subsection (2), he or she shall, as soon as practicable thereafter, cause it to be so registered in the Registry of Deeds or the Land Registry, or both, as appropriate.

38. Termination of cost rental period

38. (1) The owner of a cost rental dwelling may, following the expiration of the minimum period, with the consent of any person who gave consent to the application under section 29(3)(c), apply to the Minister for the revocation of a cost rental designation.

(2) Where the Minister receives an application referred to in subsection (1), the Minister shall revoke the cost rental designation in writing under his or her seal (in this Part referred to as a “cost rental revocation”) within a period of 28 days, in accordance with regulations made under this Part.

(3) The owner of the cost rental dwelling may, with the consent of any person who gave consent to the application under section 29(3)(c), apply to the Minister for the revocation of a cost rental designation during the minimum period.

(4) Where the Minister receives an application referred to in subsection (3), the Minister may, following such inquiries as he or she deems appropriate and if satisfied on exceptional grounds that it is in the public interest that the cost rental designation be revoked, issue a cost rental revocation.

(5) For the purposes of subsection (4), “exceptional grounds” means facts and circumstances not reasonably foreseeable by the owner or the Minister at the time of the cost rental designation which in the opinion of the Minister render the operation of this Part unachievable in respect of the cost rental dwelling concerned.

(6) A cost rental revocation referred to in subsection (4) may contain such conditions as the Minister deems appropriate having regard to the circumstances in which it is issued.

(7) Subject to subsection (6), a cost rental designation shall stand revoked from the date on which the cost rental revocation is sealed by the Minister.

(8) A cost rental revocation shall be in such form as the Minister may prescribe.

(9) As soon as practicable after it is sealed by the Minister, a copy of the cost rental revocation shall be furnished to the owner of the dwelling concerned and to any person who gave consent to the application under section 29(3)(c).

(10) Any cost rental designation or minimum cost rental period extension registered as a burden on any folio in which the relevant cost rental dwelling or any part thereof is registered in the Land Registry shall be cancelled on making an application in such manner as may be prescribed in Land Registry rules following the sealing of a cost rental revocation.

(11) Any cost rental designation or minimum cost rental period extension registered as an act of the owner affecting a cost rental dwelling in the Registry of Deeds shall be recorded as satisfied or otherwise discharged on making an application in such manner as may be prescribed in Registry of Deeds rules following the sealing of a cost rental revocation.

39. Cost rental tenancies subsisting on termination of cost rental period

39. Where a tenancy that is a Part 4 tenancy or a further Part 4 tenancy within the meaning of the Act of 2004 is subsisting in relation to a cost rental dwelling on the date on which the cost rental designation in respect of the dwelling is revoked, the provisions of this Part shall continue to apply to that tenancy until the tenancy is validly terminated.

40. Loans to approved housing bodies in support of cost rental dwellings

40. (1) The Minister may, from time to time, out of moneys provided by the Oireachtas for that purpose, make grants to the Housing Agency for the purpose of making loans to approved housing bodies for the development or provision of dwellings to be designated as cost rental dwellings under section 30.

(2) Where the Minister makes grants under subsection (1), he or she shall direct the Housing Agency to apply the funds received by it pursuant to the grants for the purposes specified in that subsection in accordance with such regulations as may from time to time be made by the Minister under subsection (13).

(3) The Housing Agency shall not make a loan under this section without the prior written consent of the Minister.

(4) The Housing Agency shall, where requested to do so by the Minister and in accordance with the terms of any such request, invite and receive proposals from approved housing bodies, to be made in accordance with the procedures and requirements of the Housing Agency in that behalf, for the making of loans under this section.

(5) The Housing Agency shall consider any proposals from approved housing bodies under subsection (4) made in accordance with the procedures and requirements of the Housing Agency.

(6) The Housing Agency shall, after it has considered proposals received by it under subsection (4), provide a report to the Minister which shall contain the Agency’s assessment of the merits of each proposal together with its opinion as to whether a loan should be made in respect of each proposal.

(7) The Minister shall consider the assessment and opinion of the Housing Agency and shall decide whether to consent to the making of a loan under this section.

(8) The Housing Agency may engage such competent persons (including consultants and advisers) as it considers necessary for the purposes of performing its functions under this section.

(9) The Housing Agency shall have all such powers as are necessary or expedient for the performance of its functions under this section.

(10) The Housing Agency may perform any of its functions under this section through or by any member of the staff of the Housing Agency duly authorised in that behalf by the Housing Agency.

(11) The Housing Agency shall furnish to the Minister such information regarding the performance or proposals for the performance of its functions under this section as the Minister may from time to time require.

(12) The Housing Agency shall keep, in such form as may be approved by the Minister, with the consent of the Minister for Public Expenditure and Reform, all proper and usual accounts of all moneys received or expended by it under this section and, in particular, shall keep in such form as aforesaid all such special accounts as the Minister, with the consent of the Minister for Public Expenditure and Reform, may from time to time direct.

(13) The Minister may make regulations in relation to the making of loans under this section including regulations prescribing—

(a) the duration of such loans,

(b) the percentage of, and the manner of calculation of, the capital costs of the dwellings in respect of which such loans may be made,

(c) any conditions to be attached to the loans, including any requirements in respect of the security arrangements to be put in place in respect of such loans,

(d) the manner in which the Housing Agency is to deal with moneys received by it from approved housing bodies in repaying loans made under this section including as to whether such moneys are to be—

(i) paid into, or disposed of for the benefit of the Exchequer, in such manner as the Minister for Public Expenditure and Reform thinks fit,

(ii) with the consent of the Minister for Public Expenditure and Reform, used by the Housing Agency to make further loans in accordance with this section, or

(iii) with the consent of the Minister for Public Expenditure and Reform, paid to the Minister for Housing, Local Government and Heritage.

(14) In this section, “Housing Agency” means the Housing and Sustainable Communities Agency.

PART 4 Provision of funding to purchase equity share in dwellings

41. Minister may provide funding to undertaking to enable purchase of dwellings

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.

(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—

(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,

(b) the dwellings or classes of dwellings for the purchase of which funds may be made available by the special purpose vehicle,

(c) the amount of funding to be contributed by the Minister and any other person to the special purpose vehicle,

(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,

(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,

(f) conditions in relation to the rate of interest to be charged in respect of funds made available by the special purpose vehicle,

(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,

(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,

(i) conditions for contractors to qualify to provide dwellings for the purchase of which funds may be made available by the special purpose vehicle,

(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

(k) such other matters as the Minister may prescribe.

(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).

41A. F15[Provision supplemental to section 41 of Act of 2021

41A. (1) Any deed or agreement between the special purpose vehicle and the homeowner which secures the equity share of the special purpose vehicle in a dwelling shall be registrable in the Registry of Deeds as an act of the homeowner affecting the dwelling.

(2) For the avoidance of doubt, the court or, subject to an appeal to the court, the Authority may on an application to it under section 98 of the Act of 1964 make an order or, in the case of an application to the Authority, an entry, under that section inhibiting any registration, on any folio in which a dwelling or any part thereof is registered, under a disposition by, or transmission from, the registered owner without the consent of the special purpose vehicle.

(3) Where, in accordance with the memorandum of agreement referred to insection 41, any deed or agreement between the special purpose vehicle and the homeowner confers a power of sale of the dwelling on the special purpose vehicle (referred to in this section as a "power of sale"), the following provisions shall apply:

(a) a sale by the special purpose vehicle professed to be in exercise of the power of sale shall operate to convey the dwelling concerned to the purchaser thereof—

(i) freed from all estates, interests and rights in respect of which the equity share has priority,

(ii) unless discharged by the special purpose vehicle, subject to all estates, interests and rights which have priority over the equity share;

(b) subject to section 51 of the Act of 1964, a conveyance by the special purpose vehicle to a purchaser vests—

(i) the entire estate or interest of the homeowner and the special purpose vehicle in the dwelling in the purchaser freed and discharged from the equity share,

(ii) any fixtures included in the dwelling and the sale in the purchaser.

(4) At any time after the power of sale becomes exercisable, the special purpose vehicle may—

(a) demand and obtain from any mortgagee whose mortgage ranks in priority to the equity share particulars of the moneys secured on such mortgage and any ancillary information reasonably necessary to exercise the power of sale, and

(b) exercise the power of sale notwithstanding any priority of such mortgage.

(5) Where a conveyance is made in professed exercise of the power of sale, the title of the purchaser is not impeachable on the ground that the power of sale was not exercisable or was improperly exercised, and a purchaser thereof is not, either before or on conveyance, required to see or inquire whether the power of sale was properly exercised.

(6) Any person who suffers loss as a consequence of an unauthorised or improper exercise of the power of sale has a remedy in damages against the special purpose vehicle exercising the power.

(7) Moneys received by the special purpose vehicle that arises from the sale of the dwelling concerned shall be applied in the following order:

(a) in discharge of prior incumbrances, if any, to which the sale was not made subject or payment into court of a sum to meet any such prior incumbrances;

(b) in payment of all charges, costs and expenses properly incurred by the special purpose vehicle as incidental to the sale or any attempted sale or otherwise;

(c) in discharge of the equity share and any costs and expenses properly incurred by the special purpose vehicle in any proceedings necessary to recover possession of the dwelling.

(8) Any residue of the money received by the special purpose vehicle after the discharge of the amount due undersubsection (7)(c)shall be held by the special purpose vehicle upon the trusts provided for in section 107 (3) of the Land and Conveyancing Law Reform Act 2009 and distributed accordingly.

(9) In this section—

"Act of 1964" means the Registration of Title Act 1964;

"Authority" means the Property Registration Authority;

"dwelling" means a dwelling in which a special purpose vehicle purchases an equity share;

"equity share" means an equity share referred to insection 41(1);

"homeowner" means the owner of a dwelling;

"special purpose vehicle" means a special purpose vehicle referred to insection 41(1)and, in relation to any equity share, includes a successor in title of the special purpose vehicle to such equity share.]

PART 5 Arrangements between housing authority and the Agency in relation to eligibility and priority for certain dwellings

42. Arrangements between housing authority and the Agency

42. (1) A housing authority may enter into an arrangement with the Land Development Agency(in this section referred to as the “Agency”) whereby the housing authority shall—

(a) notify the public in accordance with section 9 before the Agency makes dwellings available for sale, and

(b) assess and determine—

(i) in accordance with section 10, the eligibility of applicants for dwellings to be sold by the Agency, and

(ii) in accordance with section 11, the relative priority to be afforded to applicants for dwellings to be sold by the Agency,

as if the houses to be provided by the Agency were to be sold under an affordable dwelling purchase arrangement within the meaning of Part 2.

(2) Where the Agency sells dwellings that are the subject of an arrangement referred to in subsection (1) such dwellings shall be sold to eligible purchasers in accordance with the relative priority determined by the housing authority subject to agreement being reached between the Agency and such purchasers regarding such sale.

PART 6 Amendments to Part V of Act of 2000

43. Amendment of section 93(1) of Act of 2000

43. Section 93(1) of the Act of 2000 is amended—

(a) by the insertion of the following definition:

“ ‘cost rental housing’ means housing comprising cost rental dwellings within the meaning of Part 3 of the Affordable Housing Act 2021;”,

and

(b) by the substitution of the following definition for the definition of ‘market value’:

“ ‘market value’ —

(a) in relation to a house, means the price which the unencumbered fee simple of the house would fetch if sold on the open market, and

(b) in relation to land in respect of which planning permission is granted, means the price which the unencumbered fee simple of the land would have fetched if it had been sold on the open market on the date of the grant of planning permission;”.

44. Amendment of section 94 of Act of 2000

44. Section 94 of the Act of 2000 is amended—

(a) in subsection (4)—

(i) in paragraph (a)—

(I) in subparagraph (i), by the deletion of “and”,

(II) by the substitution of the following subparagraph for subparagraph (ii):

“(ii) housing for eligible applicants within the meaning of Part 2 of the Affordable Housing Act 2021, and”,

and

(III) by the insertion of the following subparagraph after subparagraph (ii):

“(iii) cost rental housing,”,

(ii) by the substitution of the following paragraph for paragraph (c):

“(c) Subject to paragraph (d), a housing strategy shall provide that as a general policy a specified percentage, not being more than 20 per cent, of—

(i) the land zoned for residential use, or for a mixture of residential and other uses, and

(ii) any land which is not zoned for residential use, or for a mixture of residential and other uses, but in respect of which permission for the development of houses is granted,

shall be reserved under this Part for the provision of housing for the purposes of one or more of subparagraphs (i), (ii) and (iii) of paragraph (a).”,

and

(iii) by the substitution of the following paragraph for paragraph (d)—

“(d) Paragraph (c) shall not operate to prevent any person (including a local authority) from using more than 20 per cent of land in respect of which permission for the development of houses is granted for the provision of housing to which paragraph (a) applies.”,

(b) in subsection (5), by the deletion of subparagraph (va) of paragraph (a), and

(c) by the insertion of the following subsections after subsection (5):

“(6) (a) When making an estimate under subsection (4)(a)(iii), the planning authority shall have regard to the following:

(i) the supply of and demand for houses for rent in the whole or part of the area of the development plan;

(ii) the cost of rents applicable to houses generally, or to houses of a particular class or classes, in the whole or part of the area of the development plan;

(iii) the income of persons generally, or of a particular class or classes of person, who require houses for rent in the area of the development plan;

(iv) the relationship between the cost of rents referred to in subparagraph (ii) and incomes referred to in subparagraph (iii) for the purpose of establishing the affordability of housing for rent in the area of the development plan;

(v) such other matters as the planning authority considers appropriate or as may be prescribed for the purposes of this subsection.

(b) Regulations made for the purposes of this subsection shall not affect any housing strategy or the objectives of any development plan made before those regulations come into operation.

(7) Where on the date on which this subsection comes into operation a development plan includes a housing strategy—

(a) the chief executive of the planning authority shall, for the purpose of the performance by a planning authority of its functions under this Part, make an estimate of the amount of housing referred to in subparagraphs (ii) and (iii) of subsection (4)(a) required in the area of the development plan during the period of the development plan,

(b) such estimate may state the different requirements for housing for different areas within the area of the development plan, and

(c) such estimate shall be deemed to be included in the housing strategy concerned.”.

45. Amendment of section 95 of Act of 2000

45. Section 95 of the Act of 2000 is amended by the substitution of the following subsection for subsection (2):

“(2) Nothing in subsection (1) or section 96 shall prevent any land being developed exclusively for housing referred to in section 94(4)(a)(i), (ii) or (iii).”.

46. Amendment of section 96 of Act of 2000

46. Section 96 of the Act of 2000 is amended—

(a) in subsection (1), by the substitution of “the provisions of this section shall apply to an application for permission for the development of houses on land” for “where a development plan objective requires that a specified percentage of any land zoned solely for residential use, or for a mixture of residential and other uses, be made available for housing referred to in section 94(4)(a), the provisions of this section shall apply to an application for permission for the development of houses on land to which such an objective applies”,

(b) in subsection (3)—

(i) by the substitution of the following paragraph for paragraph (a):

“(a) Subject to paragraphs (b) and (j), an agreement under this section shall provide for the transfer to the planning authority of the ownership of 20 per cent of the land that is subject to the application for permission for the provision of housing referred to in section 94(4)(a).”,

(ii) in paragraph (b)(iva), by the insertion of “, or persons nominated by the authority in accordance with this Part,” after “to the planning authority”,

(iii) in paragraph (b), by the substitution of “subparagraph (iva)” for “paragraph (iva)”,

(iv) by the insertion of the following paragraph after paragraph (b):

“(bb) Where property is transferred to a planning authority under paragraph (a) or (b) or there is a reduction in rent payable over the term of a lease referred to in paragraph (b)(iva) (excluding any reduction for maintenance, management and void periods specified in such lease), the planning authority shall use at least half of the aggregate of the net monetary value of that property and of any reduction in rent calculated in accordance with paragraph (b) for the provision of housing referred to in section 94(4)(a)(i).”,

(v) in paragraph (d), by the insertion of “or persons nominated by the authority” after “to the planning authority”, and

(vi) by the insertion of the following subsection after subsection (i)—

“(j) Where—

(i) the permission is granted before 1 August 2021, or

(ii) the permission is granted during the period beginning on 1 August 2021 and ending on 31 July 2026 and the land to which the application for permission relates was purchased by the applicant, or the person on whose behalf the application is made, during the period beginning on 1 September 2015 and ending on 31 July 2021,

the reference to “20 per cent of the land” in paragraph (a) shall be read as “10 per cent of the land” and the reference in paragraph (bb) to “at least half of the aggregate of the net monetary value” shall be read as “all of the aggregate of the net monetary value.”,

(c) in subsection (8), by the substitution of “parties are unable to reach an agreement” for “agreement is not entered into before the expiration of 8 weeks from the date of the grant of permission”,

(d) in subsection (9)(a)—

(i) in subparagraph (i), by the substitution of “the provision on the land of, housing of the type” for “the provision of, houses on the land for persons”,

(ii) in subparagraph (ii), by the substitution of “persons eligible for social housing support within the meaning of the Housing (Miscellaneous Provisions) Act 2009 or eligible applicants within the meaning of Part 2 of the Affordable Housing Act 2021 ” for “those persons”, and

(iii) in subparagraph (iii), by the substitution of “provision on the land of housing of the type” for “provision of houses on the land for persons”,

(e) in subsection (10)—

(i) in paragraph (a), by the substitution of “persons eligible under regulations under section 31(3) of the Affordable Housing Act 2021 to be tenants of cost rental dwellings, persons eligible for social housing support within the meaning of the Housing (Miscellaneous Provisions) Act 2009 or eligible applicants within the meaning of Part 2 of the Affordable Housing Act 2021 ” for “persons to whom section 94(4)(a) applies”, and

(ii) by the substitution of the following paragraph for paragraph (b):

“(b) A nominee of a planning authority may be a person eligible for social housing support within the meaning of the Housing (Miscellaneous Provisions) Act 2009, an eligible applicant within the meaning of Part 2 of the Affordable Housing Act 2021 or a body approved for the purposes of section 6 of the Housing (Miscellaneous Provisions) Act 1992 for the provision of housing of the type referred to in section 94(4)(a).”,

(f) in subsection (12), by the deletion of “including the making of payments under section 94 of the Housing (Miscellaneous Provisions) Act 2009 into the Affordable Dwellings Fund established under Part 5 of that Act”, and

(g) in subsection (13)(a), by the insertion of “cost rental housing or” after “development consisting of the provision of”.

47. Amendment of section 97 of Act of 2000

47. Section 97 of the Act of 2000 is amended—

(a) in subsection (3)(a), by the substitution of “4 or fewer” for “9 or fewer”, and

(b) in subsection (12)(a), by the insertion of “on the land on which it is proposed to carry out the first-mentioned development or land in its immediate vicinity” after “a development”.

PART 7 Miscellaneous

48. Agreements with financial institutions in respect of affordable housing under Act of 2000 or Act of 2002

48. A housing authority may enter into an agreement with a holder of a licence under the Central Bank Act 1971, a building society or other financial institution that a charge created by the housing authority in relation to a dwelling sold as affordable housing under Part V of the Act of 2000 or under Part 2 of the Act of 2002 shall have a priority, as against a mortgage or charge proposed to be created in favour of that holder, society or institution, that is different from the priority the charge would otherwise have if this section had not been enacted, where it considers that such an agreement will enable the person who has purchased the affordable dwelling—

(a) to refinance an existing advance of moneys from the same or any other holder, society or institution, or

(b) to obtain a further advance of moneys from the same or any other holder, society or institution for any purpose.

PART 8 Repeals

49. Repeals

49. Part 5 of the Act of 2009 (other than subsections (5) to (7) of section 96) is repealed.