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THE GOVERNMENT IS to extend the Local Home Authority Loan to support first-time buyers who want to purchase and renovate vacant or derelict homes.
Previously, only homes which were habitable were eligible for the Local Authority Home Loan and the loan was only available for the purchase of the property, not renovation.
The Local Authority Home Loan was launched in January 2022 as part of Housing for All strategy, with the aim of supporting borrowers who are unable to get sufficient finance from commercial banks to buy or build a home.
To date, the number of grants applied for stands at 8,194, with 5,049 of those being approved. The number of grants actually paid out to date is just 375.
Housing Minister Darragh O’Brien today received government approval for the Local Authority Purchase and Renovation Loan (LAPR), and this expansion will cover the purchase and/or renovation of non-habitable homes that are eligible under the existing Vacant Property Refurbishment Grant.
A spokesperson from the Department of Housing said the Vacant Property Refurbishment Grant has been “incredibly popular to date”, with over 8,100 applications received under the scheme so far.
Of the over 8,100 applications that have been made, around 5,000 have been approved.
However, only 375 have been paid to date though a Department spokesperson said this number is “expected to rise very substantially over the coming months”.
Under the new LAPR expansion approved today, a first-time buyer who wishes to turn a vacant or derelict property into a new home can receive a loan to fund both the purchase and renovation works.
Eligibility for the new support is subject to the applicant meeting the existing local authority mortgage lending criteria, which includes applicants being first time buyers or “Fresh Start” applicants and is subject to income limits for borrowers of €70,000 for a single and €85,000 for a joint applicant.
Applicants must also be unable to source sufficient financing from commercial lenders to be eligible, and those who have already purchased the home which is the subject of the renovation loan application will be allowed to apply for funding to renovate the property.
In addition to this, the maximum end-of-works market values of the property cannot exceed:
The Department spokesperson added that the introduction of the LAPR “significantly expands the types and numbers of homes eligible under current local authority mortgage lending rules”.
Speaking today, O’Brien said: “The extension of local authority mortgage lending to the purchase and renovation to all homes eligible for the Vacant Property Refurbishment Grant will help people who are struggling to complete the purchase and renovation of a vacant or derelict property and will give them the necessary finance to make their project viable.”
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Let people enjoy the extra little bit of freedom. The majority will behave sensibly.
@Logan Shepherd: yup. Freedom to kill the vulnerable.
@Rúraíocht: How are they going to accomplish that?
@Logan Shepherd: unfortunately, the “others” will ruin this. You know them – driving to the park (if you can’t walk, don’t go) and parking on the path, having the mates over with chairs apart and then using the same jacks, the ones queueing at a garden centre, the ones walking two abreast and complaining children not getting out of their way. We’re probably over the worst, but my goodness, this pandemic really showed up the selfish people.
@Brynþór Patrekursson: True, but they seem to be a minority. If someone feels that queueing in the rain outside Woodies, is better than staying at home, they have a reason. It may just be good for their mental health. For the most part, I trust people to do the right thing.
@Logan Shepherd: amen gorgeous shepherd
@Rúraíocht: the old are at home cocooning and the fat don’t exercise
@Rúraíocht: Give it a rest
The Teddy bears will be fumin’
@Karl Doyle: If you go down to the Woodies today…
@Karl Doyle: is that a euphemism for the cohorts whom enjoy barbecues in Phoenix park in spite of the signs that prohibit?
Ffs, just let people live their lives. Do what you want but keep as far away from others as possible and no closer than 2m.
Just get on with it. Opening up needs to be seriously accelerated!
While the number of new cases will keep falling, the curve of pandemic of fear is still rising.. This government and media made great job scarring people but not enough educating on how we can resume our lives is safe manner… while other countries are opening up, we are still in the hiding instead of fighting…
next cluster will be connected to woodies garden center
@☘: With the right amount of training you could get to be a nobody
@Roger Dawson: how much training did you get
@☘: See. you should never drink on an empty head
For those who are receiving payment this will be taxed at a later date.
@Kevin: barely if you are just on pup.
@Kevin: Have you got a moment.
Tell me everything you know
Outside of the cities will picnics really cause any issues? Large urban areas and rural areas surely don’t need the same guidelines
There should be a travel permit to socially distant visit elderly/isolate. The current mental deterioration of the elderly is brutal and will haunt us
Lock up the brainwashed im savings lives stay at home squeel on your neighbors im a good citizen wear a mask beg for my rights to be taken away freaks.
@Tiktok: correct
See now I’m confused. Phase 1 allows outdoor meetings between people, which would indicate that meeting for a picnic is okay but clearly the intent based on this message.
That wasn’t made clear at the start.
Surely it’s safer to have a ‘picnic’ in an open space with two or three friends rather than to walk with them?? That way you’re not blocking pathways and much easier to adhere to distancing. People aren’t interested in the food element of picnics right now, a bottle of water and a packet of crisps will do fine! I would have considered exercising to be a totally different thing altogether- walking in a (family) pair or alone being preferable. The opening statement of this article is a bit of a contradiction of the situation.
@ojjo: Seems risky to eat in public with the virus particles drifting around, wouldn’t you say? I don’t think it matters what you’re planning to eat.
Blow me.
@Chewns: That’s the article under this one. You’re welcome.
@Johnny 5: ha ha!
5k does not get me to an amenity area
No
have your say