31 December 2024
By Elaine Murphy
elaine@TheCork.ie
Property News from TheCork.ie
Up to 212 affordable homes have now been provided to buyers in the city under Cork City Council’s Affordable Housing Scheme, with delivery on course to exceed government’s 2026 targets.
The 212th set of keys was handed to a family at Danesfort in Ballyvolane on December 19 – just in time for Christmas.
Cork City Council continues to advance an ambitious affordable housing programme with a total of 452 new homes programmed for delivery up to 2026, in excess of the target of 378 set out in the government ‘Housing For All’ plan.
Cork City Council Chief Executive, Valerie O’Sullivan said: “Increasing housing supply is one of the top priorities of Cork City Council. This milestone in affordable housing output is significant as it demonstrates the Trojan work being done by our brilliant housing team in Cork City Council and how effectively they have engaged and collaborated with developers across the city to support first home buyers and fresh start buyers in their efforts to get on or back on the housing ladder”.
In line with the terms of the Local Authority Affordable Purchase Scheme, Cork City Council provides access to affordable homes by offering eligible applicants the chance to purchase a newly built home at a price lower than its open market value.
In return, Cork City Council will retain a percentage ‘equity share’ in the home equal to the difference between the open market value of the home and the reduced price paid by the purchaser. For example, if you buy a home at a 20% reduction, Cork City Council takes a 20% equity share in your home. Homeowners can choose to repay some, or all, of the equity share at any time following their acquisition of the property.
Affordable homes have been delivered and/or are, under construction at seven different schemes at, ‘Newton Heights’ Boherboy Road, ‘Cluain Chaoin’ Tower, ‘Crann Darach’ Montenotte, ‘Ardrostig’ Bishopstown Road, ‘Heathfield’ Ballincollig, ‘Seaberry Drive’ in Grange and ‘Danesfort’ in Ballyvolane.
Further schemes of 45 affordable homes at Glenmore Heights, Lehenaghmore and 86 affordable homes at Glenbride, Old Mallow Road respectively, are under construction and due to launch in Q1, 2025.
All affordable housing schemes are advertised on Cork City Council social media and national print media as they become available, so please follow Cork City Council on Facebook and Instagram for information on upcoming schemes.