Waterford City and County Council is seeking to progress affordable housing in Waterford City at a number of locations in partnership with developers and the Department of Housing, Local Government and Heritage.
Recently launched by Darragh O’Brien TD, Minister for Housing, Local Government and Heritage, Waterford City and County Council’s Affordable Housing Purchase Scheme is open to first time buyers who are unable to get a mortgage for a new house in Waterford City.
For first time buyers who are currently unable to get a mortgage for a new house in Waterford City the affordable housing scheme will provide for:
· The purchase of a home from Waterford Council’s partner developers using mortgage borrowing to the greatest extent possible, within the income capacity of the purchaser/s and the Central Bank prudential rules.
· Waterford City and County Council to take shared equity in the home to cover the shortfall in the price to a maximum of 40% and a minimum of 5%.
The Shared Equity by the Council in the home can be redeemed at any stage in the future by payment to the Council or may be left in place until a future sale of the property or for the lifetime of the purchaser/s.
Minister O’Brien said, “The Affordable Purchase Scheme opens up opportunities for purchasers who have been unable to access mortgage funding to date due to a shortfall in available funding. Eligible buyers will be able to access the Local Authority Home Loan and the Help to Buy scheme. We see this as another significant milestone in meeting our commitment to support home ownership and increase affordability.”
Interested persons should note that the applicant will have to meet a 10% deposit requirement of the money borrowed; the purchaser/s will be eligible for the Help to Buy scheme for first time buyers and purchaser/s may be eligible for a Local Authority Home Loan (LAHL).
In general, an individual or joint applicant will need to have a Gross Income of between €55,000 and €70,000 to be eligible for this scheme.
The houses in Kilbarry, Williamstown and Carrickphierish will be available for purchase and interested persons should visit www.waterfordcouncil.ie to express an interest in the scheme or for further details.