{"id":10481,"date":"2022-07-17T22:09:27","date_gmt":"2022-07-17T22:09:27","guid":{"rendered":"http:\/\/legalblog.ie\/affordable-housing\/"},"modified":"2024-02-22T21:56:15","modified_gmt":"2024-02-22T21:56:15","slug":"affordable-housing","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/affordable-housing\/","title":{"rendered":"Affordable Housing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/affordable-housing\/#Part_V_Planning_Requirements\" title=\"Part V Planning Requirements\">Part V Planning Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/affordable-housing\/#Provision_of_Sites\" title=\"Provision of Sites\">Provision of Sites<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/affordable-housing\/#Local_Authority_Mortgages\" title=\"Local Authority Mortgages\">Local Authority Mortgages<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/legalblog.ie\/affordable-housing\/#Mortgage_Allowance_Scheme\" title=\"Mortgage Allowance Scheme\">Mortgage Allowance Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/legalblog.ie\/affordable-housing\/#Home_Choice_Loan_Scheme\" title=\"Home Choice Loan Scheme\">Home Choice Loan Scheme<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Part_V_Planning_Requirements\"><\/span>Part V Planning Requirements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Part V of affordable housing arose from housing units or sites set aside by developers as a condition of planning permission.\u00a0 This arose \u00a0under part V of the Planning and Development Act.<\/p>\n<p>The local authority could designate certain houses as affordable housing.\u00a0 Persons are eligible to buy affordable houses, potentially, if 35 per cent of their income would not cover the cost of the housing.<\/p>\n<p>A separate affordable housing initiative was introduced under a National Agreement Sustaining Progress.\u00a0 The OPW provided lands on which new houses were built and sold.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Provision_of_Sites\"><\/span>Provision of Sites<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The local authority provides sites for houses to persons in need of housing.\u00a0 The prices may be as low as nominal.\u00a0 The building costs may be met by local authorities or financial lending institutions.\u00a0 The arrangements were used in conjunction with the shared ownership scheme, affordable housing scheme or mortgage allowance scheme.<\/p>\n<p>It is required that the applicant<\/p>\n<ul>\n<li>is registered on a waiting list with the \u00a0local authority or<\/li>\n<li>is a tenant who wishes to give back a local authority house or<\/li>\n<li>a tenant for more than one year of a home provided by a housing association under a rental subsidy scheme who wants to buy a house and return the present house<\/li>\n<li>or a member of cooperative or non-profit housing society of which 75 percent of members are tenants, tenant purchasers or registered on local authority housing lists or<\/li>\n<li>a person involved in a group shared ownership project.<\/li>\n<\/ul>\n<p>If the house is sold within ten years, the local authority may claw back a portion of the difference between the sale price and market value.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Local_Authority_Mortgages\"><\/span>Local Authority Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Local authority mortgages are available in principle for up to 97% of the price.\u00a0 There is a cap of \u20ac220,000.\u00a0 New payments must not exceed 35 per cent of net household income.<\/p>\n<p>A local authority mortgage is an annuity mortgage with variable interest rates.\u00a0 A person may qualify for a local authority mortgage if he cannot obtain a loan from a bank or a building society, is a first-time buyer, and satisfies the income test.<\/p>\n<p>The income test requires a gross income of \u20ac50,000 or less for single income or a combined income of \u20ac75,000 or less for double-income households.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Mortgage_Allowance_Scheme\"><\/span>Mortgage Allowance Scheme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Mortgage Allowance Scheme provides an allowance of \u20ac7,450 (\u20ac11,450) payable over five years to tenants or tenant purchasers of local authority houses.\u00a0 It is also available to tenants of local housing authorities in housing provided under the rental subsidy scheme who wish to buy or build a house with a mortgage.\u00a0 \u00a0The payment is made directly to the lender, and accordingly, repayments are reduced for the first five years.\u00a0 The mortgagee may be a local authority or a financial institution.<\/p>\n<p>Income must be less than \u20ac28,000, and the mortgage must be at least \u20ac38,000.\u00a0 The allowance is payable on a reducing basis over each of the first five years.\u00a0 Payment in the first year is \u20ac3560, reducing to \u20ac1270 Euro.\u00a0 The house must be suitable and meet certain standards.\u00a0 Persons may be eligible<\/p>\n<ul>\n<li>if they are local authority tenants who wish to buy a private \u00a0house and return the local authority house or<\/li>\n<li>A tenant for more than one year of a house provided by a housing association under a rental subsidy scheme, which they wish to return upon purchase of the house.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Home_Choice_Loan_Scheme\"><\/span>Home Choice Loan Scheme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Home Choice Loan Scheme was provided by designated local authorities on behalf of all local authorities.\u00a0 It provides mortgages for first-time buyers who cannot get a mortgage or finance from a bank.<\/p>\n<p>The applicant must be a first-time buyer and earn at least \u20ac35,000 for a single applicant and \u20ac45000 for a joint applicant.\u00a0 He must be in continuous employment for at least a year and had been unsuccessful in obtaining mortgages from two financial institutions to buy a property.<\/p>\n<p>New or second-hand properties or self builds could be acquired under the scheme. The property must be acceptable for sale in the open market, covered by defects insurance and not larger than 175 square meters.<\/p>\n<p>The Home Choice Loan could be for up to 92 percent of the market value of the house or to a max of \u20ac28,5000.\u00a0 The mortgage term could be for a term of up to 30 years. There is a single variable rate.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-10481\" data-postid=\"10481\" class=\"themify_builder_content themify_builder_content-10481 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>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.\u00a0 This arose \u00a0under part V of the Planning and Development Act. The local authority could designate certain houses as affordable housing.\u00a0 Persons are eligible to buy affordable houses, potentially, if [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[278],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10481"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=10481"}],"version-history":[{"count":4,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10481\/revisions"}],"predecessor-version":[{"id":32121,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10481\/revisions\/32121"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=10481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=10481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=10481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}