Discounts of up to 60% are to be offered on new homes in the Irish Republic to social housing applicants and existing tenants.

The price cuts are part of a housing initiative launched this week called the Incremental Purchase Scheme.

Depending on income, those eligible will be able to avail of discounts of between 40% and 60% on new homes.

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Housing Minister Michael Finneran said the scheme allowed people with low incomes to start on the path to home ownership.

A minimum gross annual income of €15,000 is needed to be eligible for consideration but Mr Finneran said the scheme offers "the earliest possible start" on the path to home ownership.

He added that, in the current economic circumstances, it was important the Government used all available resources to meet the challenge of providing suitable accommodation. The scheme is a key part of the Government's housing policy 'Delivering Homes, Sustaining Communities'.

(BMcC)