Westmeath County Council is delighted to launch an ‘Affordable Purchase Scheme’ at Dún an Rí, Coosan, Athlone, Co. Westmeath.
A total of 21 affordable homes are being made available for sale by Westmeath County Council in the residential development of Dún an Rí, Coosan under affordable dwelling purchase arrangements in accordance with the Affordable Housing Act 2021 and associated Affordable Housing Regulations.
The homes are:
- 8 x 2 Bedroom Duplex Apartments
- 4 x 2 Bedroom 2 Storey End of Terrace
- 2 x 3 Bedroom 2 Storey Terrace
- 7 x 3 Bedroom 2 Storey Semi/End of Terrace
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 dwellings will be sold at a price that is lower than market value, such price to be determined in accordance with the income of the purchaser. The minimum prices to be paid by eligible purchasers for dwellings are detailed in the table below.
All purchasers will sign up to an ‘affordable dwelling purchase arrangement’ with Westmeath County Council. Westmeath County 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’
Westmeath County 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 Westmeath County Council.
To be eligible to apply for the scheme, applicants must satisfy the following criteria:
- Be a first-time buyer or meet the exceptions under the Fresh Start Principle.
- Each person included in the application must have the right to reside indefinitely in the State.
- The affordable home must be the household's normal place of residence.
- Applicant’s purchasing power must not exceed 95% of the market value of the property.
- Comply with the typical gross household income limits for eligibility for each dwelling type as set out in the table below.
| House Type
|| Maximum Household Income Limit* (€)
|| Minimum Purchase Price** (€)
| 2 Bedroom Ground Floor Apartments
| 2 Bedroom Semi Detached - 2 Storey
| 3 Bedroom Semi Detached - 2 Storey
| 3 Bedroom End/Mid Terrace – 3 Storey
* This is a guide for maximum household income limits. The actual limit will be based on the household’s individual circumstances.
** This is a guide for minimum purchase prices after allowing for the affordable shared equity reduction. The actual price will depend on the household’s individual circumstances.
While not a requirement, it is strongly recommended that 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 Westmeath County Council’s Scheme of Priority.
If the number of applicants exceeds the number of afforadble dwelling 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 on a first come first served basis under Westmeath County Council’s Scheme of Priority for Affordable Dwelling Purchase Arrangements
• In respect of the balance of 30% of the dwellings, priority to be given to households whose current address as given in the application form is in the Municipal District of Athlone-Moate or is within 10 km (calculated by Westmeath County Council) of the relevant affordable housing scheme. Date and time of application will also be a ranking mechanism on which eligible applications will be prioritised under Westmeath County Council’s Scheme of Priority for Affordable Dwelling Purchase Arrangements
Applications will be accepted via an online application portal only which will go live on Wednesday 16 August 2023 at 12 noon.
Applications can be made between Wednesday 16 August 2023 and Wednesday 6 September 2023.
Further information on this scheme, including the Scheme of Priority, link to the application form and support documentation required, is available at https://bit.ly/44J9Xqj
Content Last Updated/Reviewed: 18/07/2023