Sinn Féin has described the Mortgage to Rent scheme as a "failure".

The party made the comments after it was revealed that only 217 families have been able to remain in their homes since the scheme was introduced five years ago.

Housing spokesperson Eoin Ó Broin has called on Housing Minister Simon Coveney to provide further clarity on the proposed changes to the Mortgage to Rent scheme.

He said: "Sinn Féin welcomes a number of the changes to the scheme announced by the Minister. We welcome the moves to broaden the eligibility criteria including the valuation thresholds and the house size. We also welcome the increase in the value of repairs that can be approved by the Housing Agency from €10,000 to €15,000.

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"While Sinn Féin will positively consider any improvement to the Mortgage to Rent scheme we have serious concerns with the lack of detail regarding the involvement of private equity firms.

"The information provided in the review raises more questions than answers and we urgently need Minister Coveney to provide greater clarity on a number of issues.

"The financial aspects of such leases are also not clear. How much will the state pay for the lease over the 20 year period? Will this be more expensive than the standard Approved Housing Body mortgage to rent leases? Is the government considering a lease to buy model so that the state owns the asset at the end of the lease period?

"Importantly the majority of those distressed mortgage holders will not be eligible for the revised scheme as their income is above the threshold for social housing support. What does the Minister propose to assist these families?"

(CD)