Thursday 29 February 2024
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Contact Details T: 086 8903154 Email : johnpaul.oshea@cllr.corkcoco.ie

Changes to Purchase Scheme to Enable more Tenants to buy Local Authority Home

Changes to Purchase Scheme to Enable more Tenants to buy Local Authority Home

New eligibility criteria to the Incremental Tenant Purchase Scheme which enables tenants to purchase the local authority home they live in will take effect from 29 January, 2024.

The changes to the qualifying criteria of the scheme will now mean those with an annual income of €11,000 will now be eligible to apply (replacing the previous income limit of €12,500). Amongst other benefits, this will make it easier for some older tenants to buy their homes if they have the financial means to do so.

In addition to changes in the income eligibility, the previous requirement in the case of joint applications that both tenants had to have been receiving social housing support for ten years has been changed and now only one tenant is required to fulfil the 10-year requirement.

These changes are based on Housing for All’s commitment to maintaining the right of social housing tenants to purchase their own home if they wish and are part of the work being carried out on the broader social housing reform agenda in order to bring consistency and fairness across the different schemes in this area.

North Cork Fine Gael Councillor John Paul O’Shea said “Affordability and the chance to own a home is at the heart of the Government’s Housing for All policy. These changes to the Incremental Tenant Purchase Scheme will help those social housing tenants who wish to own their own home to do so as well as providing housing security and supporting people to remain living in their communities”.

The scheme is one of a number of affordable purchase options which meet the needs of those requiring long-term housing support and helps low-income tenants make a start on the route to home ownership.

Cllr. O’Shea added “These changes will also ensure that we strike a balance between facilitating long-term tenants to purchase their homes and ensuring the continued sustainability of the scheme by not unduly diminishing the local authority housing stock available for those on the waiting list.”

The updated criteria announced today are part of changes made to the Incremental Tenant Purchase Scheme. Under this scheme, tenants in a local authority home, can apply to purchase the home from the local authority at a discounted rate based on their income, with an incremental charge placed on the property which diminishes over time.