Applications are now open for a 21 residential unit affordable purchase scheme at the Dún an Rí housing development in Coosan.
Courtesy of its social media channels, Westmeath County Council has confirmed that a total of 21 affordable homes are being made available for sale by the local authority in the residential development of Dún an Rí, Coosan under affordable dwelling purchase arrangements in accordance with the Affordable Housing Act 2021 and associated Affordable Housing Regulations.
The homes being offered under the affordable purchase scheme are 8 two bedroom duplex apartments; four two bedroom two storey end of terrace houses; two three bedroom two storey terraced residences and seven three bedroom two storey semi/end of terrace properties.
The houses are available for purchase by first time buyers who do not own or have a legal interest in a dwelling, with some exceptions applicable. The dwellings will be sold at a price that is lower than market value, such price to be determined in accordance with the income of the purchaser.
All purchasers will sign up to an ‘affordable dwelling purchase arrangement’ with Westmeath County Council. Westmeath County Council will retain an ‘equity share’ in the property, equal to ‘the difference between the open market value of the dwelling and the purchase price paid by successful applicants’ expressed as a percentage of the open market value of the dwelling.’
Westmeath County Council may not seek realisation of this equity share for a 40-year period (with exception where a breach of the agreement occurs ). However, successful affordable purchasers can choose to redeem or purchase the equity share in the dwelling at any time by means of one or a series of payments to Westmeath County Council.
To be eligible to apply for the scheme, applicants must satisfy the following criteria:
Be a first-time buyer or meet the exceptions under the Fresh Start Principle.
Each person included in the application must have the right to reside indefinitely in the State.
The affordable home must be the household’s normal place of residence.
Applicant’s purchasing power must not exceed 95% of the market value of the property.
Comply with the typical gross household income limits for eligibility for each dwelling type as set out in the table below.
While not a requirement, it is strongly recommended that applicants have mortgage approval in principle prior to applying for this scheme. Where the number of eligible applicants exceeds the number of affordable dwellings for which applications are made, applications will be prioritised in accordance with Westmeath County Council’s Scheme of Priority.
If the number of applicants exceeds the number of afforadble dwelling for sale, the following will apply:
• In respect of 70% of the dwellings, date and time of application, will be a ranking mechanism on which eligible applications will be prioritised on a first come first served basis under Westmeath County Council’s Scheme of Priority for Affordable Dwelling Purchase Arrangements
• In respect of the balance of 30% of the dwellings, priority to be given to households whose current address as given in the application form is in the Municipal District of Athlone-Moate or is within 10km (calculated by Westmeath County Council ) of the relevant affordable housing scheme.
Date and time of application will also be a ranking mechanism on which eligible applications will be prioritised under Westmeath County Council’s Scheme of Priority for Affordable Dwelling Purchase Arrangements.
Applications will be accepted via an online application portal only and can be made between until Wednesday, September 6.
