Reply - HI-7 (c) (i) Affordable Purchase Housing at Kilcarbery Grange Phase 2

COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

South Dublin County Council Crest

MEETING OF HOUSING SPC

Tuesday, May 30, 2023

HEADED ITEM NO. 7 (c)

Affordable Purchase Housing at Kilcarbery Grange Phase 2

In accordance with the Affordable Housing Regulations 2023 and Affordable Housing (No.2) Regulations 2023 South Dublin County Council announced that 24 three bedroom duplexes and 5 three bedroom houses were being offered for sale under an affordable dwelling purchase arrangement in the Echo, on www.sdcc.ie and all social media channels on 20^th April 2023. These homes are, subject to exceptions, being made available for first-time buyers only.

The homes will be sold for a price that is lower than the market value and the affordable purchase price to be paid will be linked to applicant(s) income (and savings where relevant) and mortgage capacity – the indicative minimum and maximum price payable will be based on the property price:

House Type	No of Units	Market Value	Minimum Purchase Price	Maximum Purchase Price
3 Bed Mid Terrace	3	€381,940	€306,940	€324,649
3 Bed Mid Terrace	2	€384,440	€309,440	€326,774
3 Bed Lower Duplex	12	€341,940	€266,940	€290,649
3 Bed Upper Duplex	12	€351,940	€276,940	€299,149

Purchasers will enter an Affordable Dwelling Purchase Arrangement (ADPA) with South Dublin County Council whereby the Council will take an equity in the dwelling equal to the difference between the market value of the dwelling and the price paid by the purchaser expressed as a percentage of the market value of the property. The Council’s equity share in the property may subsequently be redeemed by making payments to the Council.

Eligibility for this scheme will be on the following basis in accordance with the Scheme of Priority:

Applicants must have two or more people in their household
The date and time of the application
Applicants must be, subject to certain exceptions, first-time buyers
Total applicant household gross income must be €82,174 or less, see indicative income limits depending on property price listed below:

House Type	No of Units	Property Price	Typical Gross Income Limit
3 Bed Mid Terrace	3	€381,940	€81,640
3 Bed Mid Terrace	2	€384,440	€82,174
Lower Duplex	12	€341,940	€73,090
Upper Duplex	12	€351,940	€75,227

In addition, a minimum of 30% of these homes will only be available to applicants who are or have been living in the South Dublin administrative area for a minimum of five years.

In order to apply, applicants had to register on the Council’s Housing Online (HOL) system. The portal was open for online applications between 12 noon on Thursday 4th of May 2023 and 4.00pm on Thursday 25th of May 2023. Information on the Scheme of Priority, details of how to make an application and the required documentation, are available on the Council's website.

An infographic on "How to Buy an Affordable Home" a step by step guide was designed and made available on the website and social media channels to give potential applicants an indication of the steps involved in completing the purchase of an affordable home. This infographic is uploaded for information.

A total of 211 applications were received. The Council is in the process of reviewing these applications and contacting all applicants in writing to notify whether their application is eligible or ineligible. All eligible applicants will be advised of their place on the Order of Priority as per the Scheme of Priority for Affordable Dwelling Purchase Arrangements.

The first eligible 29 applicants will be requested to submit the required documentation to verify their self-declared eligibility on their application form. Once their eligibility has been verified the homes will be offered to applicants as per their place on the Order of Priority whilst ensuring that applicants are offered the opportunity to purchase a home that they can afford.

Applicants must borrow at least 70% of the market value of the property to qualify for the Help to Buy Scheme (HTBS). The equity share available on the homes in this phase range from 15%-22% which will facilitate applicants utilising the funds from the HTBS where their mortgage capacity meets the 70% threshold.

There is no minimum income prescribed in either the Act or Regulations for Affordable Housing. An applicant must be able to pay the minimum sale price however an applicant on a lower income with a lower mortgage capacity may have additional savings/money and can contribute this towards the price they pay.