Community
Local Authority Purchase and Renovation Loan goes live in County Limerick
The government has announced that the Local Authority Purchase and Renovation Loan is now open for applications in County Limerick
Government has announced that the Local Authority Purchase and Renovation Loan is now open for applications in Limerick
The Local Authority Purchase and Renovation Loan was approved by Government at the beginning of June. The loan, which is an expansion of the Local Authority Home Loan, will support both the purchase and renovation of homes which are eligible under the existing Vacant Property Refurbishment Grant.
The Vacant Property Refurbishment Grant has been incredibly popular to date in Limerick with 398 applications received under the scheme so far and 527 approved. Now, with the Local Authority Purchase and Renovation Loan, a first time buyer who wishes to turn a vacant or derelict property into a new home can receive a loan to fund both purchase and renovation works.
A key objective of the government’s Housing for All initiative is to bring homes back into use while also providing another funding pathway for individuals to realise their goal of homeownership.
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Commenting Minister O’Brien said, “Under Housing for All we have placed a special emphasis on tackling vacancy and dereliction all across our country. This new purchase and renovation loan is simply another tool in our armoury and offers another option for home buyers. We will continue doing everything we can to rejuvenate and regenerate our villages, towns and cities, making them even better places for people to call home,” he concluded.
Minister Dillon added, “Our local authorities are working side by side with Government in getting to grips with our housing challenges. This new loan, which will be available from all Local Authorities nationwide, will make it easier for people to purchase and renovate vacant and derelict properties and breathe new life into them. I want to thank all of our Local Authorities for their continued support in implementing new initiatives such as this one,” he concluded.
Minister Noonan concluded, “We’ve always maintained that the most sustainable home is the one which already exists and refurbishing vacant and derelict homes is not only good for the environment, it’s also good for our communities. This Government wants to help people to turn vacant buildings into lifelong homes and the Local Authority Purchase and Renovation Loan is another way in which we are doing just that,” he concluded.
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