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Cork County Council has announced a new Affordable Housing Purchase Scheme in Fermoy. Applications for the new three-bed houses at Rathealy Close, Fermoy will open at 12 noon on Tuesday the 19th of March 2024.
Constructed by Vella Homes, the houses will generally be available for first-time buyers who do not own a home (although a small number of exceptions apply) and Fresh Start Applicants.
Nestled in the heart of the Blackwater Valley, offering plentiful local amenities, the development of A rated, high quality luxurious family homes lies in a much sought-after residential location in Fermoy.
The 20 three-bedroom houses will be available from €255,000 which represents a reduction of approximately 23% from market value.
Welcoming the new affordable homes, Mayor of the County of Cork, Cllr. Frank O’Flynn said:
“Cork County Council is delighted to announce the launch of this Affordable Housing Scheme in Fermoy. The development at Rathealy Close offers high-quality, affordable homes that more than meet the needs of the modern family. The new homes are priced well below market value and are located in a town that has so much to offer.”
Through the Scheme, purchasers will enter an affordable dwelling purchase arrangement with Cork County Council. Under this arrangement, the Council will retain a percentage equity share in the dwelling, equal to the difference between the market value of the dwelling and the price paid by the purchaser, expressed as a percentage of the market value of the dwelling (minimum of 5%).
Chief Executive of Cork County Council, Valerie O’Sullivan added:
“This scheme of 20 houses is in addition to the 49 houses in Cobh, 30 houses in Mallow and 32 houses in Carrigaline that have been provided by the Council under the Affordable Scheme in the past year. There are also a number of other Affordable Schemes due to come online over the coming months in towns throughout the county where the greatest need has been identified, with a new scheme in Clonakilty set to launch over the coming weeks. These Affordable Homes are an important part of the Council’s ambitious plans as set out under the Government’s ‘Housing for All’ national housing plan.”
Applications for the scheme will be accepted between 12 noon on the 19th of March 2024 to 12 noon on the 9th of April 2024 via the online application portal on Cork County Council’s website www.corkcoco.ie
Further information on this scheme and other upcoming schemes, including the Scheme of Priority, guide to making an application and documentation required is also available on the website.