Limerick City and County Council is piloting 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 40 - 60% discount depending on income band.
The two locations where the scheme is being piloted are housing developments in Main Street, Pallaskenry and the Old Cratloe Road/ Redgate Road, Limerick.
For the Main Street, Pallaskenry scheme, eight out of 16 homes being constructed are available and prices will start from €106,000 - €162,000 (depending on income band and house-type) for a three-bedroom semi-detached home.
For the Old Cratloe Road/ Redgate Road scheme, seven out of 14 homes are available and prices will start from €115,000 - €174,000 (depending on income band) 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 30 July 2021.
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 said: “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.
Limerick City and County Council will hold a panel of approved candidates in excess of the number of available properties in case a selected candidate’s circumstances change and are unable to accept the offer.
For more information and details on how to apply are available on Limerick.ie/Starter-New-Home-Purchase.