City council launch rent-to-buy schemeDublin City, Featured Updates, Finglas, News Tuesday, July 20th, 2010
Dublin City Council is due to launch the country’s first council-run rent-to-buy scheme this afternoon.
Cllr Clare Byrne, who is stepping in for the Lord Mayor to launch the offer, said, “We anticipate that the rent-to-buy scheme will be a very attractive option to anyone on or eligible for Dublin City Council’s affordable housing list. It takes all the uncertainty out of the transaction enabling renters to acquire a nice home and plan properly for their future.”
Byrne says the council is optimistic that the scheme will prove as successful as private market rent-to-buy schemes.
The 91 properties are located in Rialto and Finglas, and include a mixture of one, two and three bedroom apartments and duplexes.
Dublin City Council says it will give priority to the estimated 3,000 people currently on its affordable housing list, and it expects the first offers to be made within days.
In the scheme, a fixed purchase price is agreed and then the tenants can rent for a maximum of three years before buying. If the renter chooses to buy in the given time-frame 80% of rent paid goes towards buying the properties, while around 20% is kept for management and administration fees.
The apartments come furnished, and renters keep the furnishings if they choose to buy within the three years. The council says rent will be offered to those on the affordable housing list at around 80% of the market rate.
Of the apartments, 16 are at Block B, Herberton, Rialto, Dublin 8 – beside the Fatima stop on the Red Line Luas and close to St James’s Hospital.
Another 64 apartments are at the Prospect Hill development, located on the Tolka Valley Road junction of the Finglas Road, in Finglas, Dublin 11. The council incorrectly names this as being in Glasnevin.
The last 11 properties are duplexes at the Park View development in Finglas, Dublin 11.
IMAGE: Computer generated image of Herberton, Rialto
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