Under the Affordable Housing Fund, South Dublin County Council will make homes available at a reduced price for buyers who are seeking to purchase a newly built home but need to bridge the gap between their mortgage and deposit to cover the full price of the home. It is proposed to deliver these homes on Council owned land and through advance purchases from Private Developers.
The Local Authority Affordable Purchase Scheme (LAAPS) provides purchasers with what is known as an equity facility. This means that purchasers will enter into an Affordable Dwelling Purchase Agreement with South Dublin County Council and will receive funds from South Dublin County Council in return for the Council taking a percentage ownership in the property purchased. The percentage ownership that South Dublin County Council holds in your home is known as an equity share.
The purchaser can redeem or ‘buy out’ this equity share at a time of their choosing, but there is no obligation to do so. If the purchaser chooses not to redeem the equity share while living in the home, the Council can do so when the property is sold, transferred, or after the death of the owner.
The LAAPS will be aimed at households using their combined deposit and their approved maximum mortgage but who cannot afford the home at its open market value.
The portal for online applications for Affordable Purchase Housing at Foxwood Barn will open at 12pm on Friday 2nd August 2024 and close at 4pm on Friday 23rd August 2024. For information on how to apply for this scheme, please click here.
Please see the attached step by step guide which gives an overview of the process to purchase an Affordable Home.
All queries on Affordable Housing can be sent to: affordablehousing@sdublincoco.ie
