A total of 117 affordable homes, consisting of 25 nr. 2-bedroom houses & 92 nr. 3-bedroom houses are being made available for sale by Clancy & Lyonshall at the above referenced residential development under affordable dwelling purchase arrangements via the Affordable Housing Act 2021 and associated Affordable Housing Regulations.
The houses are available for purchase by buyers who do not own or have a legal interest in a dwelling, with some exceptions applicable.
• The 2-bedroom houses are being made available for purchase from €217,500.
• The 3-bedroom houses are being made available for purchase from €243,000.
All purchasers will sign up to an ‘Affordable Dwelling Purchase Arrangement’ with Cork City Council. Under this arrangement, Cork City Council will retain a fixed, second charge against the property, subject of the sale, equal to the difference between the market value of the dwelling and the price paid by the purchaser.
Cork City Council may not seek realisation of the ‘Fixed Charge’ before a 40-year period (with exception where a breach of the agreement occurs). A purchaser may choose to redeem the ‘Fixed Charge’ at any time, by means of one or a series of payments to Cork City Council.
To be eligible to apply for the scheme, applicants must satisfy the
1. Be a First-Time Buyer or meet the exceptions under the Fresh Start Principle.
2. To apply for a 2-bedroom property, gross household income for the preceding 12 months should be below €71,100.
3. To apply for a 3-bedroom property, gross household income for the preceding 12 months should be below €80,615.
4. Each person included in the application must have the right to reside indefinitely in the State.
5. The affordable home must be the household’s normal place of residence.
6. Applicant’s purchasing power must not exceed 95% of the market value of the property.