Ownership Incentive for Long Term Council Tenants

O’Domhnaill Welcomes Home Ownership Incentive for Long Term Council Tenants.

Donegal South West Senator Brian O’Domhnaill has welcomed the announcement in the Budget Statement of the Governments intention to make the terms of the existing Tenant Purchase Scheme more attractive during 2011.

Senator O’Domhaill said;

“Under the Scheme, during 2011 tenants would be able to avail of a discount of up to 45% on the Market price of a house they are eligible to purchase under the scheme. This is a temporary increase from the maximum of 30% discount normally available”

Senator O’Domhnaill stated that, “under the current arrangement this 30% is accumulated over a 10 year period of a rate of 3% for each year of the tenancy. The revised temporary arrangements will allow tenants to accumulate the 45% discount over a 15 year period, also at a rate of 3% for each year of the tenancy.

Senator Domhnaill further added that, “this more favourable tenant purchaser scheme will thus ensure that a significant number of long-term social housing tenants will now have an opportunity of purchasing their homes.

In conclusion Senator O’Domhnaill said that full details of the scheme, including in respect of the loan finance which will be available from Local Authorities, will be made available in the coming weeks to permit the expanded schemes to be introduced from 1ST of January next.

Posted: Dec 8, 2010     |     Categories: Donegal South West