By Dionne Meehan
CHANGES to the Local Authority Home Loan will give applicants ‘another lifeline’, Councillor Donal ‘Mandy’ Kelly has said.
The scheme, which supports first-time buyers and fresh start applicants, has been expanded to include both the purchase and renovation of vacant or derelict properties, as well as new and second-hand homes.
Previously the Local Authority Home Loan was only available for homes which were habitable and only available for the purchase of the property and not the renovation.
With a Local Authority Home Loan, buyers can borrow up to 90 per cent of the market value of a residential property.
In Donegal, the maximum market value of the property that can be purchased or self-built is €275,000.
The Vacant Property Refurbishment Grant offers grants of up to €50,000.
If the refurbishment costs exceed the standard grant of up to €50,000, a top-up grant amount of up to €20,000 is available.
Speaking to the Donegal News, Cllr Kelly said the recent changes will greatly help applicants, particularly given the current housing crisis.
“I have been very vocal in trying to have the Vacant and Derelict Refurbished Grant simplified for families and people struggling to get there Bank or Credit Union to lend them the monies until works are completed and they can draw down their Grant.
“This announcement gives individuals or families another lifeline or another opportunity to get a loan through their Local Authority, Donegal County Council.
“It is a massive help and a massive benefit when we are in such a housing crisis to be able to bring vacant and derelict properties back into use,” he said.
Cllr Kelly expressed his gratitude to both government and housing staff within Donegal County Council for getting the scheme across the line.
“I want to thank our colleagues at Government level for taking all concerns on board and now engaging and working with local Authorities to help ensure people can refurbish vacant and derelict homes in an affordable and realistic way.
“I also want to thank all of or housing staff within Donegal County Council for the work they have done to date on this by engaging with the relevant bodies on all concerns raised for the betterment of each and every individual in the position.”
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