Minister Martin Heydon, TD for Kildare South, has welcomed the announcement of a new loan scheme that is now open to support the purchase and renovation of vacant or derelict properties into new homes in Kildare.
The Local Authority Purchase and Renovation Loan was approved by Government at the beginning of June and is now live. The loan, which is an expansion of the Local Authority Home Loan, will support both the purchase and renovation of homes which are eligible under the existing Vacant Property Refurbishment Grant.
Speaking following its opening, Minister Heydon said: “The Vacant Property Refurbishment Grant has been incredibly popular to date with over 8,000 applications received under the scheme so far nationwide and more than 5,000 approved.
“Now, with the Local Authority Purchase and Renovation Loan, a first-time buyer who wishes to turn a vacant or derelict property into a new home can apply for a loan to fund both purchase and renovation works.
“The latest figures show that 38 applications have been received under the scheme so far in Kildare with 33[1] approved.”
“This loan reinforces the Government’s commitment to bring homes back into use in Kildare, a key objective of Housing for All, while also providing another funding pathway for individuals to realise their goal of homeownership”.
Minister Heydon, continuing, said: “Under Housing for All, Government has placed a special emphasis on tackling vacancy and dereliction all across our country.
“This new purchase and renovation loan is another tool in our armoury and offers another option for home buyers. We will continue doing everything we can to rejuvenate and regenerate our villages, towns and cities, making them even better places for people to call home.
“This government-backed mortgage is specifically designed for those who qualify for the Vacant Property Refurbishment Grant, offering financial support up to €50,000. Additionally, a supplementary top-up grant of €20,000 is available if the refurbishment costs surpass the initial grant amount. This loan aims to facilitate affordable home ownership and also contributes to the revitalisation of vacant properties, promoting sustainable community development. By enabling buyers to transform neglected properties into habitable homes, the loan ensures more efficient use of housing stock.
“Eligibility criteria include meeting the requirements for the Vacant Property Refurbishment Grant. Prospective applicants can find detailed information on eligibility and the application process on the Local Authority Purchase and Renovation Loan website.
“We’ve always maintained that the most sustainable home is the one which already exists and refurbishing vacant and derelict homes is not only good for the environment, but also for our communities.
“This Government wants to help people to turn vacant buildings into lifelong homes and the Local Authority Purchase and Renovation Loan is another way in which we are doing just that”, concluded Minister Heydon.