The Local Authority Purchase and Renovation Loan is now open for applications in Fingal County Council area.
Approved by the Government at the beginning of June, the Local Authority Purchase is an expansion of the Local Authority Home Loan and 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 popular in Fingal.
The latest figures show that 143 applications have been received under the scheme so far with 79 approved.
Now, with the Local Authority Purchase and Renovation Loan, 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.
This 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.
Commenting Minister O’Brien said, “Under Housing for All we have placed a special emphasis on tackling vacancy and dereliction all across our country.
“This new purchase and renovation loan is simply another tool in our armoury and offers another option for home buyers.
“Our local authorities are working side by side with Government in getting to grips with our housing challenges.
“This new loan, which will be available from all Local Authorities nationwide and I want to thank all of our Local Authorities for their continued support in implementing new initiatives such as this one.
“We’ve always maintained that the most sustainable home is the one which already exists and refurbishing vacant and derelict homes is not only good for the environment, it’s also good for our communities.
“This Government wants to help people to turn vacant buildings into lifelong homes and the Local Authority Purchase and Renovation Loan is another way in which we are doing just that.”
Apply for the loan at https://purchaseandrenovationloan.ie/