Affordable Housing Scheme

Galway City Council is currently progressing the delivery of Affordable Housing. Schemes where Affordable Housing is available will be publicly advertised across the Local Authority website, local newspapers and social media.

What is Affordable Housing?

  • The Affordable Dwelling Purchase Arrangement is set out in legislation and regulation.
  • An affordable housing scheme is a program where the Local Authority assists a member of the public to purchase a housing unit by purchasing a percentage of the house.
  • This scheme seeks to address the affordability gap that exists when acquiring a home. Households which, using their combined deposit and their approved maximum mortgage, cannot afford the home at its open market value.
  • The percentage of equity bought by the Local Authority will vary depending on the purchasing power of the applicant.

Who is the scheme for? 

  • This scheme is aimed towards first-time buyers. It also incorporates ‘fresh start’ applicants:
  • You are now divorced, separated or your relationship has ended
  • You have gone through personal insolvency or bankruptcy
  • The scheme applies to new-build houses and apartments.
  • Each applicant is assessed and must meet certain criteria’s which will be outlined prior to application.
  • The support provided by the local authority takes the form of an equity share of the home, where the equity share required will not be less than 5% and not greater than 40%.
  • Applicants will be required to maximise their mortgage drawdown capacity (4 times a household income, from a participating bank, according to the Central Bank’s macro-prudential rules).

Applicants may be able to avail of the following assistance:

Local Authority Home Loan:  https://localauthorityhomeloan.ie/

Help to buy:  Help to Buy Scheme

For further information and income calculations, please visit the Housing Agency Website https://www.housingagency.ie/