The Ministry of Social Policy has announced a new housing authority scheme that is open to married and unmarried couples, single or separated persons, single parents, persons with a disability as well as those who have lived in foster care or in an institution.
The Government will be paying up to 30 per cent of a bank loan repayment for a period of 10 years under the terms of the scheme. Those who apply will be divided into 3 categories, the maximum value of property that they can purchase will range between €70,000 to €120,000. The financial assistance received will not have to be repaid.
The scheme replaces the equity sharing scheme which started in February 2007, then the Housing Authority became part owner when they financed part of the purchase. Buyers also had to repay the financial assistance within 10 years.
The new scheme will be launched officially by the Housing Authority in December, and the 300 eligible applicants will be accepted on a first come, first serve basis.