The scheme was expected to complete 500 cases every year.
Fianna Fáil TD for Cavan-Monaghan Brendan Smith said: "The Mortgage to Rent scheme was meant to provide a safety net for families which could no longer keep up repayments on their home. The idea was that those in mortgage arrears would ultimately lose ownership of their home, but would be able to continue to live in it by making a rental payment to an approved housing body."
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No cases have been completed in Monaghan and only three have been approved in Cavan.
Mr Smith continued: "Many families say the Mortgage to Rent scheme can be extremely complex and confusing. It is very bureaucratic, and this is undoubtedly putting some people off applying for it. If the Government is serious about addressing the housing crisis, it must review this scheme to make it more accessible."
(CD/LM)
