From 1st January 2016 existing tenants of Limerick City and County Council have an opportunity to purchase their homes through an Incremental Purchase Scheme introduced under Part 3 of Housing (Miscellaneous Provisions) Act 2014.
There are a number of pre-requisites households must meet including :
- Tenants/joint tenants must have minimum reckonable income of €15,000 per annum.
- Reckonable income must come mainly from regular employment and not solely from social welfare.
- Applicants must be in receipt of social housing support for minimum period of 1 year.
- Applicants are disqualified from purchasing as a result of having purchased before.
- Applicants must have a satisfactory rent record, and all charges up to date.
- Houses must be available for sale and not restricted as in past schemes (i.e. not houses specifically reserved for elderly, transitional accommodation, traveller accommodation, in interests of estate management etc.)
For income between €15,000 and €20,000 tenant purchase discount will be 60% of purchase price and an Incremental Purchase Charge of 60% will apply to the house and will be reduced by 2% per annum over 30 years.
For income between €20,001 and €29,999 tenant purchase discount will be 50% of purchase price and an Incremental Purchase Charge of 50% will apply to the house and will be reduced by 2% per annum over 25 years.
For income over €30,000 tenant purchase discount will be 40% of purchase price and an Incremental Purchase Charge will apply to the house and will be reduced by 2% per annum over 20 years.