Tenant Purchase Scheme: New eligibility criteria and benefits

New eligibility criteria for the Incremental Tenant Purchase Scheme which enables tenants to purchase the local authority home they live in will take effect from 29 January 2024. The changes to the qualifying criteria of the scheme will now mean those with an annual income of €11,000 will now be eligible to apply (replacing the previous income limit of €12,500). Amongst other benefits, this will make it easier for some older tenants to buy their homes if they have the financial means to do so.

In addition to changes in the income eligibility, the previous requirement in the case of joint applications that both tenants had to have been receiving social housing support for ten years has been changed and now only one tenant is required to fulfill the 10-year requirement.

These changes are based on Housing for All’s commitment to maintaining the right of social housing tenants to purchase their own home if they wish and are part of the work being carried out on the broader social housing reform agenda to bring consistency and fairness across the different schemes in this area.

The updated criteria are part of changes made to the Incremental Tenant Purchase Scheme. Under this scheme, tenants in a local authority home can apply to purchase the home from the local authority at a discounted rate based on their income, with an incremental charge placed on the property which diminishes over time.

If you have any questions regarding any of the above schemes, please do not hesitate to get in touch with our conveyancing department or call us at 051-874-909 or email us at info@poc.ie.

For more information see https://www.firsthomescheme.ie/product-type/tenant-home-purchase/