Waterford Minister and Fine Gael TD John Cummins made his first Ministerial visit to Waterford today to turn the sod on the latest affordable purchase development in Tramore, the Courtyard, Ballycarnane.
This development of seven 2-bedroom and eighteen 3-bedroom homes are available to purchase under the affordable purchase scheme.
The Affordable Purchase Scheme was designed to help prospective purchasers to buy a new home at a reduced price with the council taking an equity in the property which can be fully bought out at a later point when the purchaser is in a better position to do so.
Speaking in Tramore Minister Cummins said: “I am delighted to visit this development here at the Courtyard, Ballycarnane, where 25 new affordable purchase homes are being delivered by Waterford City & County Council with the support of the Affordable Housing Fund.
“I want to commend all concerned at Waterford and at R McDonald & Sons in delivering these exceptional, well-designed, modern, energy efficient homes beautifully located here in the sunny southeast.
“The various 2 and 3 bed homes on offer are being made available to buy at upfront discounts of up to 23% from the open market value. 25 first time or fresh start homeowners and their families will now enjoy a secure future in a vibrant community with good access to amenities and services.
“As Minister of State at the Department of Housing, Local Government and Heritage I am acutely aware of the challenges faced by individuals and families in purchasing a home. I have been working closely with Waterford City and County Council, local developers like R.McDonald & Sons, the Department of Housing and the Land Development Agency for some time now to bring forward schemes that will provide affordable housing for Waterford”.
The Local Authority Affordable Purchase Scheme will ensure a whole cohort of people who have been locked out of the housing market heretofore are able to purchase and own their own home. The equity can be paid off when you are in a better position to do so, but importantly, when it is fully repaid, you own the home outright which is not the case under alternative housing plans suggested by those in opposition which state you will never own the land on which the house is built, and you will be restricted in selling the property on in the future to someone within a certain income band.
Minister Cummins concluded: “This government is committed to providing more housing solutions for people, todays visit and the interest around this development displays the scheme is working to help get people on the ladder. I look forward to seeing these houses used in time to come and I will continue to work hard to offer more solutions like this.”