Affordable Housing

Victor

Someone suggested doing an Affordable Housing stickey, so please add your condensed wisdom below.

Brooklyn74

If people want to read a blow-by-blow account of an affordable housing purchase, go here.

Madong

Agency set up to promote Affordable Housing

www.affordablehome.ie

+ booklet in Affordable Homes in Irleand

http://www.affordablehome.ie/home/index.aspx?id=346

Drapper

Housing (Miscellaneous Provisions) Act, 2002

Section 9

http://www.irishstatutebook.ie/2002/en/act/pub/0009/sec0009.html#partii-sec9

Stephen P

South Dublin County Council's Affordable Housing Site: www.propertypath.ie

Dublin City Council's Affordable Housing Page

Fingal County Council's Affordable Housing Page

Dun Laoghaire/Rathdown County Counil's Affordable Housing Page

Victor

stephen p wrote:

South Dublin County Council's Affordable Housing Site: www.propertypath.ie

Interesting. they have another page here SDCC Affordable Housing Initiative

Stephen P

Victor wrote:

Interesting. they have another page here SDCC Affordable Housing Initiative

Property Path deals with the "normal" Affordable Housing scheme. I got my affordable housing (apartment) through Property Path.

PS
Is this sticky a good place to write about experiences re Affordable Housing?

Victor

stephen p wrote:

Is this sticky a good place to write about experiences re Affordable Housing?

I would like to keep this quite condensed, if possible.

Mayo Exile

Each local authority seems to have differing criteria for applying the income threshold. I have been on Louth Co. Co. affordable housing list since May 2006 and was told about a month ago that for houses that the council directly supply themselves they have a threshold of €40,000, but for the Part V scheme (20% of private developments) they apply a "less rigorous" criteria. Anybody else experienced this?

Sandy2004

Ive found the affordable housing scheme just brilliant. The toughest part is dealing with the council with forms and updates etc. The rest is just plain sailing, i was on the list On a Tuesday, viewed Wednesday, Picked apt Thursday. Got contracts signed and got my keys. I moved in a week later. They looked after legal, insurance, mortgage relief etc.... all i had to do was to start paying my mortgage.

jdivision

Sandy, could you put up what local authority you were in just so people know

Kleptopink

Mmm! Guessing people with full-time employment have had good experiences. This scheme doesn't apply for artists. Was told to get 'a proper job' for a year and go back to them. Anyone else have similar experience?

mingleton

If you've an income from being an artist that would support a mortgage, they can't refuse you a place on the list. I'm an arts practitioner on the Fingal Affordable Housing list. They made it difficult for me, but they seem to make it difficult for everyone. It's just another version of being self-employed, really. If your income for 2006 was very low, they won't let you on the list. There's no stated minimum income level though, so I don't know how low it would have to be.

Victor

mingleton wrote:

If your income for 2006 was very low, they won't let you on the list. There's no stated minimum income level though, so I don't know how low it would have to be.

You have to be able to afford the property after all.

I imagine there are some people with good savings with lower incomes that might get on the list ahead of people with no savings on higher earnings.

Moonbeam

Article from the sunday business psot about the affordable housing schemes -

http://www.sbpost.ie/post/pages/p/story.aspx-qqqt=COVER+STORY-qqqs=property-qqqid=25240-qqqx=1.asp

Pythia

Does the income threshold apply to a person of any age?
Because obviously a person who earns 25k a year and is 35 years old is worse off than a 25 year old who earns the same income.
Do you have to be a certain age to qualify?

jdivision

I think if you're older than 45 it might have an impact because you'd be retired before paying off the mortgage. Otherwise it wouldn't be a problem.

june28

I was told by FCC today that they offer 20 year mortgages if an applicant is of a certain age but that the applicant would be expected to have a considerable deposit. I thought all they offered was a 25 year mortgage so this is a bit of a relief for me. Now if I could just get them to approve my application after 8 months of waiting!

dashwood

I'm buying a two bedroom apartment through the affordable housing initiative with Fingal. I've just had a snag list done and faxed it into the affordable home partnership, however I've been told that we have to wait until the other people buying in the estate get their snag list into them before they will start on ours, (and we are the first people to send one in). Has anyone had any experience of this? I find it ridiculous that i have to wait for 19 other people to organise themselves to send in a snag.

jdivision

Easier for the builder to do it all on one. Relax, there's usually a few weeks wait for it to be done. Then you'll have to check everything was done (and it won't have been) and then you'll have to get them to do the stuff they "forgot" and redo the stuff they botched.

ixoy

Couple of my own questions:

1. There's a maximum mortgage of 185k listed on the Fingal CoCo Affordable house. The houses in Baldoyle, for example, are listed as 250-280k, a difference of nearly 100k.
Does this difference have to be made up solely as deposit or can it be supplemented by drawing on a mortgage from a bank for that amount? Seems a bit difficult to have 100k if you're on the affordable housing scheme.

2. If there was a couple, who between them earned more than the 100k limit, could one person put themselves down for affordable housing and then the other one pay them once the house is secured? Is the only legal ramification that they're not legally entitled to the house and that the other half of the couple is effectively a renter?

Drapper

dashwood wrote:

I'm buying a two bedroom apartment through the affordable housing initiative with Fingal. I've just had a snag list done and faxed it into the affordable home partnership, however I've been told that we have to wait until the other people buying in the estate get their snag list into them before they will start on ours, (and we are the first people to send one in). Has anyone had any experience of this? I find it ridiculous that i have to wait for 19 other people to organise themselves to send in a snag.

good luck with the closing on Monday, the snags were done quicker than you think ;-)

or was it your post was not was realyed to you ?

Drapper

ixoy wrote:

Couple of my own questions:

1. There's a maximum mortgage of 185k listed on the Fingal CoCo Affordable house. The houses in Baldoyle, for example, are listed as 250-280k, a difference of nearly 100k.
Does this difference have to be made up solely as deposit or can it be supplemented by drawing on a mortgage from a bank for that amount? Seems a bit difficult to have 100k if you're on the affordable housing scheme.

2. If there was a couple, who between them earned more than the 100k limit, could one person put themselves down for affordable housing and then the other one pay them once the house is secured? Is the only legal ramification that they're not legally entitled to the house and that the other half of the couple is effectively a renter?

Call Fingal and ask, you'd get a direct answer than here on a public forum.

seahorse

Sorry I cant answer your questions Ixoy, as I havent got a clue, but I was wondering if you could tell me where do you get a hold of the price listings for individual developments? Do you have a link you could post here for me? Thanks.

jdivision

ixoy wrote:

Couple of my own questions:

1. There's a maximum mortgage of 185k listed on the Fingal CoCo Affordable house. The houses in Baldoyle, for example, are listed as 250-280k, a difference of nearly 100k.
Does this difference have to be made up solely as deposit or can it be supplemented by drawing on a mortgage from a bank for that amount? Seems a bit difficult to have 100k if you're on the affordable housing scheme.

2. If there was a couple, who between them earned more than the 100k limit, could one person put themselves down for affordable housing and then the other one pay them once the house is secured? Is the only legal ramification that they're not legally entitled to the house and that the other half of the couple is effectively a renter?

ixoy, it depends on the scheme. The ones in Baldoyle are probably available under the affordable housing initiative where income limit is 55k plus. You would only be able to get one mortgage for the house - it can't be supplemented through another mortgage. You wouldn't get one anyway if your maximum mortgage limit was e185k (meaning as a single person your income is less than e37k pa), it'd be too much of a risk for a bank
2. There would have to be a legal agreement and rental agreement stating that the money being paid by the partner was rent and was not towards the mortgage. Although I don't know for sure legally I would presume that if you tried to put somebody else's name on the deeds after the contract to purchase was signed that it would effectively become a sale of the house and the clawback would be enforced.

I should add that there would also be implications for this. 1. If you charged the partner/renter more than the amount allowed under the rent a room scheme you would be liable for Vat. Secondly, because your partner didn't own half the house you'd be unable to claim a second portion of mortgage interest relief.

If your joint incomes as a couple exceed the limit for Fingal check out the affordable homes initiative which has literally thousands of houses planned in Dublin.

Victor

jdivision wrote:

I should add that there would also be implications for this. 1. If you charged the partner/renter more than the amount allowed under the rent a room scheme you would be liable for Vat.

Surely income tax, not VAT. Very few property-type transactions attact VAT (primarily ones involving an improvement to a property).

Sandy2004

Fingal CC...

Deposit + Forms + Proven Monthly Saving + Updates = Your Own Home!

Cantab.

Sandy2004 wrote:

Fingal CC...

Deposit + Forms + Proven Monthly Saving + Updates = Your Own Home!

Bank owns your pay-check.

Ideo

Victor wrote: »

Surely income tax, not VAT. Very few property-type transactions attact VAT (primarily ones involving an improvement to a property).

You are right Victor. Bear in mind that if you charge more than 7620 a year in rent, then your liable to pay income tax on the full amount. i.e.

< or = to 7620: No income tax
> 7620, (7800 for example): whole amount is liable

Mrs_Doyle

Hey Guys, I called the DCC Affordable housing people and they tell me the draw is due to take place on Monday, as in TOMORROW!!!! So Good Luck everyone!

WATPOAE

Mrs_Doyle wrote: »

Hey Guys, I called the DCC Affordable housing people and they tell me the draw is due to take place on Monday, as in TOMORROW!!!! So Good Luck everyone!

****! I was actually going to post a question asking if anyone knew when the date of the next draw was. Here's hoping I get real lucky!

Cheers for the info.

Mayo Exile

Originally posted by ixoy: Does this difference have to be made up solely as deposit or can it be supplemented by drawing on a mortgage from a bank for that amount? Seems a bit difficult to have 100k if you're on the affordable housing scheme.

I had the same problem with Dundalk Town Council. There were houses going in the town for €225k. But the mortgage ceiling was 180k. I was asked to come up with a deposit of 45k, which they insisted could not be in the form of a loan!

I think this indicates that the entire scheme has not been properly thought through. Who has 45k ready up front if you are on the affordable housing scheme in the first place? Needing a large deposit like this is also forced on you as mortgage payments cannot exceed 35% of your net income.

joePC

Has anyone heard if the draw took place and any results - its like the secret service...

Electric

I read here that the draw took place last week or the week before.

But a friend of mine that has also applied in the DCC area said that they were doing it in two weeks time!

So I'm wondering if they've actually done it yet?

okcomputer

Hey I am all set to apply to South Dublin, Dun Laoighaire Rathdown and City centre but one this is worrying me, the clawback thing.

I am male, 30 years of age, single, and I am thinking of buying a two bed appartment on my own. Say in 7-10 years I am married and have kids and need a bigger place, I cant sell the fecker cause of the clawback. Am I screwed? Or is renting out the appartment at a loss the only option?

sheepshagger

okcomputer wrote: »

Hey I am all set to apply to South Dublin, Dun Laoighaire Rathdown and City centre but one this is worrying me, the clawback thing.

I am male, 30 years of age, single, and I am thinking of buying a two bed appartment on my own. Say in 7-10 years I am married and have kids and need a bigger place, I cant sell the fecker cause of the clawback. Am I screwed? Or is renting out the appartment at a loss the only option?

Was pretty much the same as you when I bought via South Dublin CC's Affordable Housing scheme. . .I too was a bit worried about the clawback at first but its not a biggie, its only there to stop people from buying then selling (and pocketing the profit).

Who knows what will happen in the next 10 years, whilst everybodys circumstances are different I have no regrets buying earlier this year. . .if I have to sell and upgrade later on down the track then so be it. . .which ever way you look at it (in the meantime). .Rent Money is Dead Money.

warrenaldo

I dont see how the clawback is really gong to affect you so negatively. The affordable housing is just like buying with a friend(except your friend doesnt live with you).
when you do decide to sell the place. the friend will want his cut.
seems fair enough to me. if you do decide to keep it over 10 years - then you really start to earn money off it. but otherwise its no loss.

Electric

okcomputer wrote: »

Hey I am all set to apply to South Dublin, Dun Laoighaire Rathdown and City centre but one this is worrying me, the clawback thing.

I am male, 30 years of age, single, and I am thinking of buying a two bed appartment on my own. Say in 7-10 years I am married and have kids and need a bigger place, I cant sell the fecker cause of the clawback. Am I screwed? Or is renting out the appartment at a loss the only option?

No I think you can buy out the Council's share. So say your 10 years into your clawback, you get a new job or whatever and the finances improve you can buy out the Council's share.

I'm not too sure how their share would be valued but I would presumed it would be the amount of clawback that you are liable for

jdivision

Mayo Exile wrote: »

I had the same problem with Dundalk Town Council. There were houses going in the town for €225k. But the mortgage ceiling was 180k. I was asked to come up with a deposit of 45k, which they insisted could not be in the form of a loan!

I think this indicates that the entire scheme has not been properly thought through. Who has 45k ready up front if you are on the affordable housing scheme in the first place? Needing a large deposit like this is also forced on you as mortgage payments cannot exceed 35% of your net income.

Is this all the council is willing to offer. EBS and (I think) Bank of Ireland and IIB offer affordable houing mortgages. The limit is ludicrous though, you're supposed to be able to get a mortgage up to 97 per cent of the cost.

jdivision

okcomputer wrote: »

Hey I am all set to apply to South Dublin, Dun Laoighaire Rathdown and City centre but one this is worrying me, the clawback thing.

I am male, 30 years of age, single, and I am thinking of buying a two bed appartment on my own. Say in 7-10 years I am married and have kids and need a bigger place, I cant sell the fecker cause of the clawback. Am I screwed? Or is renting out the appartment at a loss the only option?

you can still sell it and you get to keep a slice of any profit made. Renting out the apartment is not allowed. There is no option to buy the council out by the way, otherwise council would not be getting maximum return if the house went up in price afterwards.

Dandelion6

jdivision wrote: »

There is no option to buy the council out by the way

Yes there is, at least within DCC - although you have to wait a year, have the house revalued and pay back the clawback.

RIRI

Hi all,

I just got a call from DCC with a provisional offer of a 2bed in Hampton Lodge on Gracepark Rd. This is from the last newsletter (July as far as I remember). This was our third draw - so for any of you thinking you'll never be offered anything - have faith!

Going to have to seriously consider this after we have viewed the apartment etc, we have a 3year old son & to be honest I don't know if I can see us living in an apartment as long as the clawback would require. There are other things to consider too, management agency fees etc..

Still we are delighted to be offered anything at all.. anyone else get offers this morning?

jdivision

Unfortunately these days you'll be paying management fees wherever you're living if you're buying in Dublin in a new estate.
Dandelion06 - I wasn't aware of that. It must be relatively new. I can't understand the council allowing that but then DCC overprice their schemes as far as I can see. I think I remember seeing apartments on the affordable list for DCC and the prices of the affordable units were higher than the price the first phase had sold for privately.

traceybere

Has anyone heard anything from Fingal COCO lately?

I have serveral friends like myself who are waiting but we have heard nothing

antodeco

Hey All,
Hope someone here can help. Im about to apply for social housing on my own. I would be looking for a house. I have a very small deposit (15k), but Im 25, so have the ability of a longer mortgage. I was wondering if there is an issue with only having a small deposit. Im earning 37k pa.

Also, it says it needs a p21? How do I get this? also, along with the form needed to be filled in by the revenue?

Many thanks and apologies if any of the questions are silly!

Dandelion6

antodeco wrote: »

I was wondering if there is an issue with only having a small deposit.

Not necessarily, but it depends on the price of the house.

Also, it says it needs a p21? How do I get this? also, along with the form needed to be filled in by the revenue?

The P21 can be ordered online at the Revenue site. The other form you'll need to get from your local Revenue office.

Dandelion6

Actually to correct my last sentence, you should get the other form from the Council, but you'll need to get it stamped at the Revenue office.

traceybere

antodeco wrote: »

Hey All,
Hope someone here can help. Im about to apply for social housing on my own. I would be looking for a house. I have a very small deposit (15k), but Im 25, so have the ability of a longer mortgage. I was wondering if there is an issue with only having a small deposit. Im earning 37k pa.

Also, it says it needs a p21? How do I get this? also, along with the form needed to be filled in by the revenue?

Many thanks and apologies if any of the questions are silly!

If you ring revenue on 1890 333 425 and order it its much quicker - takes 8 days

What council are you applying to?

lily lou

As far as I know buying out the councils share applies to shared ownership rather than affordable housing.

Tracybere myself and my brother (we applied seperately) got offered viewings in Balbriggan around 2 or 3 weeks ago, there were 2 different estates and they had houses and apartments but both were around a 30 min walk from train station and the last feeder bus was around 7pm. Also someone I know got a letter about 2 apartments in Swords this week.

antodeco

Thanks for the advice! Im applying to all 4 Dub councils. Beggars cant be choosers as they say!

podge018

when you say "social housing" i presume you mean affordable housing. Big difference, especially if you're on 37k, you'll be laughed out of their offices looking for social housing.