RENOVATION LOAN TO SUPPORT FIRST TIME BUYERS

LOCAL AUTHORITY PURCHASE AND RENOVATION LOAN TO SUPPORT FIRST TIME BUYERS WHO WISH TO TURN A VACANT OR DERELICT BUILDING INTO A NEW HOME

The Minister for Housing, Local Government and Heritage, Darragh O’Brien TD today announced that he has received Government approval for a Local Authority Purchase and Renovation Loan (LAPR). The loan, which is an expansion of the Local Authority Home Loan, will support both the purchase and renovation of homes which are eligible under the existing Vacant Property Refurbishment Grant.

The Vacant Property Refurbishment Grant has been incredibly popular to date with over 8,100 applications received under the scheme so far. Now, with the LAPR, a first time buyer who wishes to turn a vacant or derelict property into a new home can receive a loan to fund both purchase and renovation works.

Eligibility for the new support is subject to the applicant meeting the existing local authority mortgage lending eligibility criteria and the project meeting scheme lending criteria. The introduction of the LAPR significantly expands the types and numbers of homes eligible under current local authority mortgage lending rules. Previously, only homes which were habitable were eligible for the Local Authority Home Loan and the loan was only available for the purchase of the property, not renovation.

The loan, which will be available in the coming weeks, reinforces the government’s commitment to bring homes back into use – a key objective of Housing for All – while also providing another funding pathway for individuals to realise their goal of homeownership.

Minister O’Brien today emphasised:

“The extension of local authority mortgage lending to the purchase and renovation to all homes eligible for the Vacant Property Refurbishment Grant will help people who are struggling to complete the purchase and renovation of a vacant or derelict property and will give them the necessary finance to make their project viable. Under Housing for All, we are committed to make the dream of home ownership become a reality for as many as possible. This loan provides another pathway to reaching that destination.”

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Michael McDonnell Managing  Editor of Irish Construction Industry Magazine & Plan Magazine

Email: michael@irishconstruction.com      WWW.MCDMEDIA.IE  WWW.IRISHCONSTRUCTION.COM