Long-term local authority tenants will have the opportunity to buy their home at almost half its market value with new provisions set out in Budget 2011.
The Budget contains a new scheme for 2011 allowing local authority tenants to avail of a discount of up to 45 per cent on the cost of their home.
This is a temporary increase from the current discount of 30 per cent, and applies only for next year. The new maximum discount of 45 per cent is accumulated over 15 years, at a rate of three per cent per year of tenancy.
Those living in their home for at least 10 years will be eligible to apply. Mortgages will be available from the local authorities and older people can get a relative to guarantee the loan if necessary. Under the scheme, tenants can get their own evaluation on the market value of their home.
The new measure has been welcomed by Fianna Fáil Galway West TD Frank Fahey. “Given the much reduced house prices in Galway at the moment, I am confident that those eligible will be able to buy their home at an extremely good price,” he said.
Full details of the initiative will be available from Galway city and county Councils and from Dep Fahey’s office.
“I strongly urge any tenant who is eligible for the scheme to consider applying,” he said, “and I would be delighted to assist them in doing so
