DUBLIN: The government has granted approval for a housing initiative designed to allocate 30 percent of the overall construction costs to residential developers in Ireland. Housing Minister Darragh O’Brien is slated to make an official announcement regarding this initiative today, on Tuesday.
Under this programme, individuals who embark on the construction of their primary residence on privately owned land will be eligible for a government grant, covering up to 30 percent of the total project expenditure. Furthermore, there is anticipation that the scheme will be expanded to encompass additional incentives aimed at fostering housing development in rural areas.
The government’s Shared Equity Scheme, originally devised to aid first-time homebuyers, is now being extended to provide assistance to those seeking to construct their initial dwellings on land they own.
Presently, the Shared Equity scheme extends its benefits to prospective homeowners seeking to acquire houses valued at a maximum of €475,000 or apartments priced up to €500,000, with pricing criteria varying based on the respective counties.
Remarkably, a substantial majority of beneficiaries, approximately four out of every five, hail from prominent urban centres such as Dublin, Cork, Kildare, Meath, and Wicklow.
Minister Darragh O’Brien, who had alluded to impending adjustments, expressed his optimism that the revamped scheme would cater to a broader spectrum of applicants.
In collaboration with three major financial institutions in the nation, namely AIB, Bank of Ireland, and Permanent TSB, this initiative was initially launched to assist first-time property buyers in bridging the financial gap between their mortgage commitments and the overall cost of their new residences. Further details pertaining to the existing scheme can be accessed via the official link provided below.
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