20/07/2010

Rent-To-Buy Scheme Unveiled

Dublin City Council is to unveil a 'rent-to-buy' scheme for affordable housing units today.

It is the first time such a scheme will be offered by a local authority, the council said.

Under the scheme tenants agree a fixed price to purchase the home with the council. They can then rent their home for up to three years without commitment, but if they choose to buy during that time, some 80% of rent paid will be taken off the price. The other 20% goes on administration.

A total of 91 properties in Glasnevin, Rialto and Dublin 11 will come under the scheme while priority will go to those already on the council's affordable housing list.

Fine Gael councillor Clare Byrne, representing Dublin's Lord Mayor will launch the Rent-to-Buy plan at 3.00pm today with 16 properties available to view to people on the City Council's Affordable Housing list.

"The scheme takes all the uncertainty out of the transaction enabling renters to acquire a nice home and plan properly for their future,” councillor Byrne said.

The Labour Party has welcomed the introduction of the scheme and called for it to be extended across the country.

"With well over 1,100 vacant residential properties languishing on local authority books, it is clear that we need a national rent-to-buy scheme so that people who need a home can get one. Such a scheme would need to done in an innovative and structured, backed up by hard data on property values and house prices," said the party's housing spokesman Ciaran Lynch.

(DW/BMcC)

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