From 1st January 2016 existing tenants of Limerick City & 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 which 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 [i.e. Water charges etc]
- 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 house and 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 house and 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 house and be reduced by 2% per annum over 20 years