Home builders and developers are being asked to consider offering their uncommenced residential developments with planning permission, to Limerick City and County Council under an advance purchase turnkey arrangement.
The Council is particularly interested in residential developments of between 10 and 150 dwellings, in the areas of Limerick City, Newcastle West, Abbeyfeale, Kilmallock and Castleconnell. The intention of this call to developers is to secure affordable homes in these areas where the need is most acute.
The Mayor of the City and County of Limerick Cllr Francis Foley said, “This arrangement with a developer results in the construction of discounted affordable homes for first time buyers and those seeking a fresh start who are currently priced out of housing in their areas. We look forward to hearing from developers and builders and progressing our plans for the provision of affordable housing in Limerick.”
The process for the advance purchase turnkey arrangement was outlined by Administrative Officer in the Affordable Housing Team, Martina Frawley, who said, “a developer submits a scheme to us and if it meets certain criteria set down by Government we begin discussions. For example, to help illustrate the principles of the scheme, the Council would agree an all-in cost of €300,000 for a 3-bed house. The Affordable Team then applies for a €75,000 grant subsidy from the Department of Housing, Local Government and Heritage on the developer’s behalf. So, the all-in cost of €300,000 less the grant subsidy of €75,000 leaves a sales price of €225,000, which is a very affordable sales price for many households in Limerick at the moment. The household pays the sales price to the developer and the Council administers the subsidy to the developer upon completion of the sale. The register of interest for homes will be advertised by the Council well in advance of house completions and plenty of notice will be given to potential buyers in the newspaper and online.”
Home builders and developers interested in an advance purchase turnkey arrangement with Limerick City and County Council can access Expression of Interest forms, eligibility requirements and arrangement details via a dedicated webpage at Limerick.ie/Affordable Housing – Residential Developments Required.
The closing date for this call for Expressions of Interest from home builders and developers has been extended to the 17th February 2023.
Source: Limerick City & County Council