Council launches pilot scheme to provide 'starter homes' to Limerick buyers
LIMERICK City and County Council has announced it's to pilot a new scheme which will allow people to buy new starter homes at a discounted price.
The Incremental Purchase Scheme is targeted at working households currently in private rented accommodation who may be on HAP, RAS or social leasing.
A new build home can be purchased at a discount price (between 40% and 605) depending on the purchaser's income band.
The two locations where the scheme is being piloted in Limerick are housing developments at Main Street, Pallaskenry and at Old Cratloe Road/ Redgate Road in Limerick city.
In Pallaskenry, eight out of the 16 homes being constructed are available and prices will range from from €106,000 to €162,000 for a three-bedroom semi-detached home.
In the city scheme, seven out of 14 homes are available with prices starting from €115,000 for a three-bedroom semi-detached home.
Construction on both developments is underway and the closing date for receipt of applications from eligible candidates to purchase one of the homes at a discounted price is 5pm on July 30, 2021.
Commenting on the initiative, Mayor of the City and County of Limerick Cllr Michael Collins said: “This new scheme is an important element in Limerick’s efforts to tackle the housing crisis. We need homes that people can afford to buy so that they can settle down and become part of new communities. It will help create and sustain communities with a healthy mix of tenure and housing types giving people a realistic opportunity to own their own home.”
Aoife Duke, Director of Housing Development in Limerick City and County Council added: “These two schemes are the first of a number of schemes across Limerick we are working on and we look forward to progressing our plans for mixed-tenure and giving working households an opportunity to own a new build home at a discounted price.”
Candidates who submit a full application with supporting documentation including Mortgage Approval in principle will be assessed to ensure they meet the eligibility requirements.
For more information and details on how to apply click here.