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Shared Ownership Scheme
What is Shared Ownership?
Shared ownership is a scheme that facilitates access to full home ownership in two or more stages by persons who could not afford full ownership immediately. The applicant initially acquires a share (minimum 40%) in a house* and rents the remainder from the local authority, with an undertaking to acquire the remaining equity within a 25 year period.
* "house" includes apartment, flat etc.
Whos is Eligible?
The following are eligible for consideration under the shared ownership scheme:
tenants and tenant purchasers of local authority houses who intend to return their houses to the authority on providing a private house for their own occupation under the scheme;
persons included by a local authority in its latest assessment of housing needs under section 9 of the Housing Act, 1988, or accepted for inclusion in the next such assessment;
tenants of one year's standing of houses provided by approved housing bodies under the Loan Subsidy Scheme who intend to return their houses to the approved body on providing a private house for their own occupation under the scheme;
persons in need of housing whose household income in the preceding tax year, calculated in accordance with a formula, does not exceed €100,000. Under the formula, income will be reckoned as follows
In the case of a single income household, two and a half times the borrower’s income in the preceding tax year
In the case of a two income household, two and a half times the income of the principal earner, plus once the other income.
