Local Authority Affordable Purchase Scheme

The Local Authority Affordable Purchase Scheme makes local authority-provided homes available at a reduced price for First-Time Buyers, and Fresh Start Applicants, whose combined mortgage and deposit will not cover the market price of the newly built home. Eligible applicants can apply to purchase a local authority delivered Affordable Purchase dwelling through their Local Authority.

How is the affordable purchase price of the homes decided?

The affordable purchase price will be calculated by Wexford County Council based on the “ purchasing power" of eligible applicants. This calculation takes into account an eligible applicant’s maximum mortgage capacity and savings, and the minimum price set for the home by the Council.

The below table shows an example of varying applicant incomes and how they determine the affordable purchase price and the Council’s equity share of an affordable home with a market value of €300,000.

You can see that the higher an applicant’s income is, the more they will contribute to the price and the less of an equity share the Council will take. The Council will work this out for you as each house price will differ.

Example of an affordable home with a market value of €300,000

Income	Equity %	Equity Amount	Standard Mortgage Capicity	Deposit	Purchaser Pays
€64,125	5%	€15,000	€256,500	€28,500	€285,000
€64,000	5.19%	€15,556	€256,000	€28,444	€284,444
€63,000	6.67%	€20,000	€252,000	€28,000	€280,000
€62,000	8.15%	€24,444	€248,000	€27,556	€275,556
€61,000	9.63%	€28,889	€244,000	€27,111	€271,111
€60,000	11.11%	€33,333	€240,000	€26,667	€266,667
€59,000	12.59%	€37,778	€236,000	€26,222	€262,222
€58,000	14.07%	€42,222	€232,000	€25,778	€257,778
€57,000	15.56%	€46,667	€228,000	€25,333	€253,333

How do I know if I am eligible?

To be eligible for an affordable housing scheme, in general you must meet the following criteria:

You must not have previously owned a home that you bought or built to live in. Exceptions apply for a Fresh Start Applicant.
Each person included in the application must have the right to reside indefinitely in the State.
Your income must be below a certain level. This is calculated by multiplying your gross household income by 4. This figure is known as your “ purchasing power ” and it must be less than 85.5% of the market value of the affordable home. For example, for an affordable home with a market value of €300,000, the maximum gross household income eligible to apply for the affordable home would be calculated as follows:

Market Value €300,000

85.5% of Market Value €256,500

Divided by 4 €64,125 (Maximum gross household income limit)

Please refer to the Affordable Purchase Dwelling Arrangements Income Assessment Policy for information on assessable income.
You cannot have more accumulated savings than the money required to cover the deposit for the home and an additional €30,000. Anything above this is added to your purchasing power. If your purchasing power plus your “extra” savings goes above 95% of the market value of the affordable home, you are not eligible for the scheme.
You are in a position to apply for a mortgage (you will be required to maximise your mortgage drawdown capacity).

While it is not a requirement, it is strongly recommended that you have a Mortgage Approval in Principle prior to applying to purchase an affordable home, or at least be in a position to apply for a mortgage.

Or

If you are unable to obtain a mortgage, you are in a position to apply for a Local Authority Home Loan. www.localauthorityhomeloan.ie

www.wexfordcoco.ie/housing/housing-loans

You have sufficient savings to cover the minimum deposit of 10% of the purchase price of the affordable home.

First Time Buyer applicants can avail of the Help to Buy Scheme which is operated by the Revenue Commissioners to assist them with their deposit.

Market Value	€300,000
85.5% of Market Value	€256,500
Divided by 4	€64,125 (Maximum gross household income limit)

In addition to the above eligibility criteria, a Scheme of Priority for Affordable Home Purchase Arrangements applies. It outlines the process applied where the number of eligible applicants exceeds the number of affordable homes available for purchase in the Affordable Housing Scheme.

In relation to 70% of the homes, priority as to which type of home is deemed to adequately cater to the accommodation needs of a household, will be made on the following basis:

Dwelling Type	Meets accommodation needs of:
Four-bedroom dwelling	3 or more person household
Three-bedroom dwelling	2 or more person household

And then first come first served.

For the remaining 30% of dwellings, Wexford County Council will prioritise as follows:

Dwelling Type	Meets accommodation needs of:
Four-bedroom dwelling	3 or more person household
Three-bedroom dwelling	2 or more person household

And then being a current resident, in the administrative area of Wexford County Council, and then first come first served.

You may also check your eligibility here. Eligibility Indicator | Affordable Purchase Scheme | Affordable Homes Ireland

How can I apply?

There will be an individual application for each affordable housing scheme. There is no rolling application form or waiting list.

When affordable homes are made available for purchase, they will be advertised in the following places:

Wexford County Councils website.
Wexford County Councils social media pages.
In a local/national newspaper

The advertisement will include details about the scheme including how and when to apply. Applications will be accepted through an online application portal. On the day the application portal opens, you can proceed to complete the online application form and upload the requested documentation.

Please be aware that applications will be prioritised on a first come first served basis.

We strongly recommend that you have mortgage approval in principle in place.

A link to the application portal along with a list of the required documentation will be available on Wexford County Council’s website when an affordable housing scheme becomes available and is open for applications.

Your application will be assessed, and it will be determined whether you qualify to purchase an affordable home or not. When all applications have been assessed and eligibility has been determined, Wexford County Council will contact all applicants to advise whether they have been successful and whether they will be receiving an offer or not, depending on the number of properties available.

Please click here to view the Affordable Housing Schemes currently open for applications.

What is the Affordable Home Purchase Scheme Equity Share?

As part of the Affordable Purchase Arragement, Wexford County Council will retain an “Equity Share” in your affordable home.

The Equity Share, represented as a percentage value of the home, is the difference between the purchase price and the open market value.

For example, if you purchase an affordable home and the price you pay for the home is 15% less than the open market value of the affordable home, Wexford County Council will take a 15% equity share in your home.

The equity share can be redeemed or “bought out” at a time of your choosing, but there is no obligation for you to do so. If you choose not to redeem the equity share while living in the home, Wexford County Council may do so when the property is sold, transferred, after your death, or after a 40 year period.

Apply for an Affordable Housing Scheme

Radharc na Beannoige launching February 12th at 10am.

We have developed a tutorial video of the application process.

Contact Details for Affordable Housing: Any queries on affordable housing can be sent to affordablehousing@wexfordcoco.ie.

Read more here Affordable Purchase Scheme

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