Cork County Council has announced a new Affordable Housing Purchase Scheme at Rathealy Close, Fermoy.

The new three bed houses which are constructed by Vella Homes will be generally be for first-time buyers who do not own a home (although a small number of exceptions apply) and Fresh Start Applicants.

These A rated luxurious family homes will be located in a sought-after residential location in the heart of the Blackwater Valley. The 20 three-bedroom houses will be available from €255,000 which represents a reduction of approximately 23 per cent from market value.

Mayor of the County of Cork, Cllr. Frank O'Flynn said: "Cork County Council is delighted to announce the launch of this Affordable Housing Scheme in Fermoy. 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."

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Chief Executive of Cork County Council, Valerie O'Sullivan, stated:

"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."

Through the Scheme, purchasers will enter an affordable dwelling purchase arrangement with Cork County Council. Under this arrangement, the Council will retain a percentage 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%).

Applications for the scheme will be open between 12 noon on 19 March until 12 noon on 9 April 2024.