Fermoy set for 20 new homes under the current market value
A TOTAL of 20 new three-bedroom houses in Fermoy will be available to purchase through the Affordable Housing Purchase Scheme for a price that is 23 per cent below the market value.
The homes, which were constructed by Vella and are located at Rathealy Close in Fermoy, will each be available from €255,000.
Cork County Council said that the “high quality luxurious family homes” will generally be made available for first-time buyers who do not own a home (with some exceptions) and Fresh Start applicants.
Applications to purchase the houses through the Affordable Housing Purchase Scheme will open at 12 noon on Tuesday, March 19. Through the scheme, purchasers will enter an affordable dwelling purchase agreement with Cork County Council, under which the Council will retain a percentage equity share in the house, equal to the difference between the market value of the dwelling and the price paid by the purchaser. This is expressed as a percentage of the market value of the dwelling (minimum five per cent).
Mayor of County Cork Councillor Frank O’Flynn said that the local authority is “delighted” to launch this Affordable Housing Scheme in Fermoy.
“The development at Rathealy Close offers high-quality, affordable homes that more than meet the needs of the modern family. The new homes are priced well below market value and are located in a town that has so much to offer,” Mayor O’Flynn said.
Chief Executive of Cork County Council Valerie O’Sullivan said that the 20-house scheme in Fermoy – in addition to schemes in Cobh, Mallow and Carrigaline – have been provided by the local authority in the last year:
“There are also a number of other Affordable Schemes due to come online over the coming months in towns throughout the county where the greatest need has been identified, with a new scheme in Clonakilty set to launch over the coming weeks. These Affordable Homes are an important part of the Council’s ambitious plans as set out under the Government’s ‘Housing for All’ national housing plan.”
Applications for the scheme will be accepted between 12 noon on March 19 and 12 noon on April 9 via the online application portal on Cork County Council’s website, www.corkcoco.ie.
Further information on this scheme and other upcoming schemes, including the Scheme of Priority guide to making an application, and documentation required is also available on the website.