A number of new homes in South Kilkenny available at a price lower than market value under new scheme

A number of homes in Ferrybank are to be made available for purchase at a price lower than their market value under the the Local Authority Affordable Purchase Scheme.

Kilkenny County Council, in partnership with Whitebox and the Department of Housing, Local Government & Heritage, has launched Affordable Homes at Abbey Meadows, Ferrybank, Kilkenny.

A total of 14 homes will be made available for purchase for successful applicants at a price lower than market value, in accordance with the Affordable Housing Act 2021 and associated Affordable Housing Regulations.  The houses will generally be available for first time buyers, who do not own or have a legal interest in a dwelling, although a small number of exceptions apply.

The purchasers will enter into an Affordable Dwelling Purchase Arrangement with Kilkenny County Council. Under this arrangement, Kilkenny County Council will take a percentage Equity Share in the dwelling, equal to the difference between the open market value of the dwelling and the price paid by the purchaser, expressed as a percentage of the market value of the dwelling.

Kilkenny County Council may not seek realisation of this Equity Share for a 40-year period (other than for breach of the agreement). However, successful affordable purchasers may choose to redeem or buy out the affordable dwelling equity at any time by means of one or a series of payments to Kilkenny County Council.

Houses will become available from Q4 2024. It is strongly recommended that applicants have Mortgage Approval in Principle prior to applying for this scheme, as applicants will be required to demonstrate their capacity to purchase. 

Dwellings will be made available to eligible applicants in accordance with Affordable Purchase Scheme Eligibility Criteria and Kilkenny County Council’s Scheme of Priority.  Date and time of receipt of valid application will be one of the criteria on which eligible applications will be prioritised. Applications which are incomplete or those not accompanied by the requested supporting documentation will be deemed invalid.

Further information on this scheme, including eligibility criteria, the Scheme of Priority, link to the application portal, guide to making an application and the documentation required to accompany the application is available at  https://kilkennycoco.ie/abbey-meadows

Applications will be accepted via an online application portal ONLY which will go live on Wednesday, July 3 at noon.   Applications may be made between noon on Wednesday, July 3 and noon on Wednesday July 31, when the portal closes.