Affordable Purchase Scheme
Local authorities will make newly built homes available at a reduced price for first-time and other eligible buyers who cannot afford to purchase a home at its open market value with a maximum mortgage and 10% deposit.
The local authority will take a percentage equity share in your home equal to the difference between the open market value of the home and the reduced price paid. This means that if you buy a home at a 20% reduction on the open market value, the local authority will have a 20% equity share in your home.
Cost Rental Scheme
Approved Housing Bodies, the Land Development Agency and local authorities will offer Cost Rental homes to eligible applicants. The rent paid will cover the cost of the construction, management, and maintenance of your new home.
Cost Rental provides you with a secure tenancy at a rent which is below the market rent in the local area. It is a long-term secure rental option. This means if you are paying your rent and meeting your other tenant obligations, you may continue to rent your home for as long as you want.
Are there other options?
Yes. Other affordable options are available.