Council announces details of new affordable housing scheme for North Cork town

CORK County Council has announced a new Affordable Housing Purchase Scheme development in Fermoy, with applications for the new three-bed houses opening on March 19.

A total of 20 affordable homes, consisting of two three-bed mid-terrace houses, three three-bed end-of-terrace houses, and 15 three-bed semi-detached houses at Rathealy Close are being made available for sale by Cork County Council.

Constructed by Vella Homes, the 20 A-rated, three-bedroom houses at Rathealy Close will generally be available for first-time buyers who do not own a home and Fresh Start applicants and will be available from €255,000.

The Mayor of County Cork Frank O’Flynn said the development offers homes that meet the needs of the modern family that are priced “well below market value”.

“Cork County Council is delighted to announce the launch of this affordable housing scheme in Fermoy,” he said.

“The development at Rathealy Close offers high-quality, affordable homes that more than meet the needs of the modern family.

“The new homes are priced well below market value and are located in a town that has so much to offer.”

Through the scheme, purchasers will enter an affordable dwelling purchase arrangement with Cork County Council.

Under the Local Authority Affordable Purchase Scheme, Cork County Council is making new homes available for purchase by eligible applicants at reduced prices and, in return, will take a percentage equity stake in the home.

Under this arrangement, the council will retain an equity share in the dwelling equal to the difference between the market value of the dwelling and the price paid by the purchaser, expressed as a percentage of the market value of the dwelling (minimum of 5%).

Interim chief executive of Cork County Council, Valerie O’Sullivan, said: “This scheme of 20 houses is in addition to the 49 houses in Cobh, 30 houses in Mallow, and 32 houses in Carrigaline that have been provided by the council under the affordable scheme in the past year.

“There are also a number of other affordable schemes due to come online over the coming months in towns throughout the county where the greatest need has been identified, with a new scheme in Clonakilty set to launch over the coming weeks.

“These affordable homes are an important part of the council’s ambitious plans as set out under the Government’s Housing for All national housing plan.”

Applications for the scheme will be accepted between 12pm on March 19 and 12pm on April 9 via the online application portal on Cork County Council’s website www.corkcoco.ie.