Applications open for 35 new affordable homes at Kilkenny’s Nyne Park - deadline is May 22
Buyers will be able to purchase and own their own new home by availing of this shared equity scheme
Thirty-five newly-built homes are now available in a prime area of Kilkenny City under the Local Authority Affordable Purchase Scheme.
Kilkenny County Council, working in partnership with Cairn and the Department of Housing, Local Government and Heritage, recently launched the first scheme of Affordable Homes in Kilkenny, with the application process now under way. The houses, developed by Cairn, comprise a mix of three-bed houses and are available on a phased basis from Q2 to Q4 2024.
Under the Local Authority Affordable Purchase Scheme, the 35 A-rated homes, located at Nyne Park, Callan Road are being made available at a reduced price from the open market value for eligible purchasers and in return Kilkenny County Council will take a % equity share in the property.
The houses are generally targeted at first-time buyers (exceptions apply) who need assistance bridging the gap between their own available funds (including the Help to Buy scheme), the mortgage that they can obtain and the cost of the new home.
Making these homes for sale at a price lower than the open market value has been made possible through the Affordable Housing Fund (AHF) which is a subsidy provided by the Department of Housing, Local Government & Heritage to Local Authorities as a direct subvention on housing development costs.
Under the Affordable Purchase Scheme, managed by Kilkenny County Council, eligible buyers will be able to purchase and own their own new home by availing of this shared equity scheme.
Standard full market prices for the 35 homes start at €345,000 and rise to €360,000 with purchasers able to avail of equity contributions of up to €90,000, depending on the price of the property and the applicant’s own financial circumstances.
Under the Affordable Purchase Scheme, Kilkenny County Council will retain an equity share and successful applicants have the option of buying out this share over time. Equity shares are calculated on an individual basis and are linked to an applicant’s income, their savings and their mortgage capacity.
Applications for all 35 homes can only be made online via an online application portal which is open until noon on Wednesday, May 22, 2024.
Potential applicants are being advised to familiarise themselves with the eligibility criteria and to compile the requisite documents to complete their applications subject to them meeting the qualifying criteria. Full information is available at https://kilkennycoco.ie/nyne-park.
It is strongly recommended applicants have Mortgage Approval in Principle prior to applying for this scheme, as applicants will be required to demonstrate their capacity to purchase. Only valid applications (i.e. applications with all required documentation submitted) will be go forward for assessment. Applications which are incomplete or those not accompanied by the requested supporting documentation will be deemed invalid.
Announcing the launch of the Affordable Homes at Nyne Park, Cairn CEO Michael Stanley said that ''Cairn is proud to bring these high-quality, A2-rated, affordable homes, to the market in partnership with Kilkenny County Council under the Local Authority Affordable Purchase Scheme. We are delighted to see the application opportunity now open for these homes, having commenced Nyne Park just 12 months ago. We look forward to welcoming the many people who will call Nyne Park their home.''
Lar Power, Chief Executive of Kilkenny County Council, said: “We are excited to work with Cairn in bringing these houses to the market at prices that eligible households can afford. Kilkenny is a fantastic place to live and work and it is great that more people will now have the option of buying and owning their home in the area. The financial supports being made available are extensive and will make a difference to those who do not qualify for social housing, but who have not been able to afford new house prices without a level of equity support. We urge all would-be first-time buyers to examine the criteria and to get in touch with us if they need more information or wish to apply.”
Further information on the Local Authority Affordable Purchase Scheme is available on the council website www.kilkennycoco.ie or email [email protected]