My Home Ireland

Posted by myhome on October 2nd, 2007 in Affordable Housing

Affordable homes are homes provided at a discount to the market price for people who cannot afford to buy a home on the open market. Your affordable home is for you to live in as long as you want.  If you sell it within 20 years, you will have to pay back a percentage of the sale price to the local authority.

Your income needs to be classed as “low” -  between €25,000 and €58,000 if you are applying on your own and up to €75,000  if you are applying with someone else.  These are the approximate income limits only - lower income limits may apply.

1. If you sell within the first 10 years, you must pay back the full percentage from the sale that you got as a discount when you bought your home.
2. After 10 years, the percentage you must pay back reduces by one-tenth for each full year you live in your home.
3. If you sell your home after 20 years, you do not have to pay any ‘clawback’ to the local authority.