Redemption and realisation of equity The affordable dwelling equity is: redeemed by the homeowner by making redemption payments or repaid out of the proceeds of a sale by the homeowner, or realised by the housing authority. These are the different means by which an affordable dwelling purchase arrangement is brought to an end. Redemption payments The homeowner may, at any time after the making of […]
Overview The purpose of the Affordable Housing Act is to provide the legislative and policy framework for a number of schemes aimed at making housing for purchase and rent more affordable for eligible households. These include the provision of affordable purchase housing by Local Authorities and the Land Development Agency, the introduction of a new Affordable Purchase Shared Equity scheme for the delivery of homes […]
2014 Act The Housing (Miscellaneous Provisions) Act 2014 extended a scheme of tenant purchase for existing local authority houses along the lines of the incremental purchase scheme applicable to new local authority houses and existing local authority apartments under the Housing (Miscellaneous Provisions) Act 2009. Part 3 of the 2014 Act provides for a scheme of tenant purchase of existing local authority houses. The tenant […]
1995 Scheme There have been various tenant purchase schemes whereby the vast majority of housing by local authority has been sold. The 1995 tenant purchase scheme was closed to new applicants on 31st December 2012. The scheme included all houses except certain ones provided for and occupied by older persons. It is proposed to replace the scheme. Under the 1995 scheme, it was necessary to […]
Indirect Supports The State provides financial support to housing costs through tax foregone, direct housing provision and direct subsidies, grants and allowances. Housing Finance Agency The Housing Finance Agency is a state organisation that was designed to tap financial markets in order to advance funds to local authorities for the purpose of loans under the Housing Act. The agency advances loans to local authorities for […]
Mortgage Interest Supplement (Closed) Mortgage interest supplement was a short-term support for persons in payment of mortgage interest repayments. Mortgage interest supplement applied to interest on mortgage repayments less mortgage interest relief. The scheme applied only to the interest part of the payment. It did not cover capital or payment of life/mortgage protection policies, etc. After June 2012, the applicants must show that they have […]
Part V Planning Requirements Part V of affordable housing arose from housing units or sites set aside by developers as a condition of planning permission. This arose under part V of the Planning and Development Act. The local authority could designate certain houses as affordable housing. Persons are eligible to buy affordable houses, potentially, if 35 per cent of their income would not cover the […]
Original Scheme The Shared Ownership Schemes were initiated by the Housing (Miscellaneous Provisions) Act 1992. The local authority may grant a shared ownership lease geared in such a way that the local authority and the lessee have respective interests in the property. The local authority s charges a rent in respective of the retained share of ownership and the tenant pays a mortgage on the […]
Home Renovation Scheme The Home Renovation Scheme was announced in Budget 2013. It provides a tax credit of 13.5 per cent of qualifying expenditures that can be set against income tax over two years. The work must be done prior to 2016. The applicant must be an owner-occupier who carries out work on a principal private residence. LPT and household charges must be paid up […]
Powers of Sale Local authorities have the power to sell or lease dwellings under a purchase scheme to another housing authority or to other persons where the dwellings are not occupied. Regulations may be made in relation to the classes of houses to which a purchase scheme may apply the determination of the discount, allowance to be deducted from the purchase price and other terms […]