Three affordable purchase schemes have been approved by the Department of Housing for Waterford.
119 affordable homes are set for delivery at Kilbarry, Mountneil and Deerpark with the State to take an equity in the properties in order to lower the purchase prices.
Construction is due to commence once contracts are finalised between Waterford City and County Council and the developers of the three sites.
The news was announced by Fine Gael Senator John Cummins. He says this is 'phenomenal' news, that will make a significant difference.
“As party spokesman on Housing, I am acutely aware of the challenges faced by individuals and families in purchasing a home. While commencements are up 31% in Waterford, inflation across the construction sector has resulted in rising house prices and that is why I have been working night and day within government to ensure that Waterford is prioritised for Affordable purchase housing units. I am delighted to announce that we are amongst the very first locations in the country to be approved for turnkey affordable purchase units. This is phenomenal news and will make such a difference”.
The homes will be turnkey affordable purchase units and will be a mix of three-bed and four-bed homes.
“Prior to Christmas, Waterford City and County Council advertised for expressions of interest from the market to deliver turnkey affordable purchase units. Four expressions of interest were received and three schemes have been approved by the Department of Housing with further work to be undertaken to get the fourth scheme approved. The three schemes which will be delivered by Frisby Homes and Whitebox are located at Kilbarry, Mountneil and Deerpark. In total, they will deliver 119 three and four-bed affordable purchase housing units."
The legislation underpinning the new Local Authority Affordable Purchase scheme was passed by the Oireachtas last year and the regulations on eligibility will be published shortly. However, Senator Cummins said:
“What we do know is that the Local Authority will invite applicants to apply to purchase a house on a scheme-by-scheme basis. If you cannot get a mortgage to the value of 90% of the market price you will be eligible to apply and a discount (equity) of up to €75,000 will be applied to the purchase price depending on the maximum mortgage you can get. The 10% Help to Buy Scheme can also be used to assist with the deposit. This is a non-repayable grant of up to €30,000 and is based on the amount of income tax paid by the purchasers in the previous four years”.
“This is excellent news for Waterford and something I have been working tirelessly to achieve since being elected to Seanad Eireann. While the focus in recent years has been on providing much needed social homes and this work will continue; what we are now seeing is a laser focus on providing affordable housing to middle income individuals and families.”
Senator Cummins concluded by saying:
“I can assure people seeking to purchase their first home, or second home, in the event of a marital breakdown or insolvency, that further work is ongoing to progress Waterford City and County Council’s own affordable housing schemes at Carrickpherish and Ballycashin. I am also asking that priority be given to progressing an affordable scheme in Dungarvan. In addition, I have been engaged with the Land Development Agency to progress additional affordable purchase and rental homes in Waterford and I hope to have news on this shortly.”
