The new Affordable Housing Scheme being put in place by Monaghan Co Council could provide vital stimulus for the construction industry in the county, stated Fine Gael’s Sean Gilliland at Monday’s meeting of the local authority. Councillor Gilliland was one of a number of elected members who enthusiastically welcomed plans outlined for the first of what is hoped can be a series of Affordable Housing Scheme deliveries in the county.
The initiative, to be piloted in Monaghan Town, will see the Council offer newly built homes at a reduced price to first-time and other eligible buyers who cannot afford to purchase a house at its open market value with a maximum mortgage and 10% deposit. In a presentation to Monday’s meeting, Affordable Housing Co-ordinator Hannah McKenna said the scheme was aimed at first-time buyers or those who qualified under the Fresh Start principle.
Ms McKenna explained that the combined gross household income of all the persons making the application must be below a certain level. This was calculated by multiplying the gross household income by four. The figure must be less than 85.5% of the market value of the affordable home, although exceptions to this might apply in certain circumstances. The applicant’s gross household income, plus deposit, plus excess savings must not exceed 95% of the market value of the home. A minimum deposit of 10% of the purchase price was required – the purchase price was the applicant’s “purchasing power”, and this was..
