Ardrostig Bishopstown Cork - AFFORDABLE HOUSING SCHEME

Ardrostig Bishopstown Cork - AFFORDABLE HOUSING SCHEME

• 2 & 3
• 83.0
• 893.412

• ardrostigbishopstown.ie

35 Affordable Homes, consisting of 30 nr. 2 bed townhouses (83sqm & 86sqm), and 5 nr. 3 bed townhouses (107sqm) are being made available for sale by Cork City Council at Ardrostig Bishopstown Cork under affordable dwelling purchase arrangements via the Affordable Housing Act 2021 and associated Affordable Housing Regulations.

The houses are available for purchase by first time buyers who do not own or have a legal interest in a dwelling, with some exceptions applicable.

• The 2 Bedroom homes are being made available for purchase from €246,000
• The 3 Bedroom homes are being made available for purchase from €289,500

All purchasers will sign up to an ‘Affordable Dwelling Purchase Arrangement’ with Cork City Council.

Cork City Council will retain an Equity Share in the property, equal to ‘The difference between the open market value of the dwelling and the Purchase Price paid by successful applicants’ expressed as a percentage of the Open Market Value of the dwelling’

Cork City Council may not seek realisation of this Equity Share for a 40-year period (with exception where a breach of the agreement occurs). However, successful affordable purchasers can choose to redeem or purchase the Equity Share in the dwelling at any time by means of one or a series of payments to Cork City Council.

To be eligible to apply for the scheme, applicants must satisfy the following criteria:

1. Be a First-Time Buyer or meet the exceptions under the Fresh Start Principle.
2. Each person included in the application must have the right to reside indefinitely in the State.
3. The affordable home must be the household's normal place of residence.
4. Applicant’s purchasing power must not exceed 95% of the market value of the property. 
5. Income Limits:
   • 2 Bed Mid/End Terrace  -  INCOME LIMIT €67,331  -  MIN PURCHASE PRICE €246,000
   • 3 Bed Mid/End Terrace  -  INCOME LIMIT €79,088  -  MIN PURCHASE PRICE €289,500

While not a requirement, it is recommended applicants have Mortgage Approval in Principle prior to applying for this scheme.

Where the number of eligible applicants exceeds the number of affordable dwellings for which applications are made, applications will be prioritised in accordance with Cork City Council Scheme of Priority.

That is: If the number of applicants exceeds the number of affordable dwellings for sale, the following will apply:

In respect of 70% of the dwellings, date and time of application, will be a ranking mechanism on which eligible applications will be prioritised under the Cork City Council Scheme of Priority.

In respect of the balance of 30% of the dwellings, priority to be given, on a lottery basis, to eligible applicants based on any person making the application being or having been resident in the current administrative area of Cork City Council for a minimum period of 5 years preceding the time of application.

Applications will be accepted via an online application portal which will go live on Tuesday 28^th February 2023 at 12 noon.

Applications may be made between 12 noon on Tuesday 28^th February 2023 until 12 midnight on 14^th March 2023.

Further information on this scheme, including the Scheme of Priority, link to the application form, and support documentation required, is available at ardrostigbishopstown.ie