A “drop in” information evening regarding affordable housing is set to be held in the Connacht hotel, old Dublin Road on Monday, the 25 of November.
This will be held by the Galway City Council and will take place between 4pm- 8pm.
On the night of the information evening, those who attend will have a chance to talk to staff to discuss options for affordable housing.
Galway City Council have decided to hold this information evening after a recent briefing with Galway County Council.
This briefing discussed affordable housing for developers and also focused on a solutions-based approach to the housing crisis.
During the drop in session, information will be provided about Galway City Councils plans to create new houses available at a lower cost as part of the Affordable Purchase scheme.
This scheme is set to be delivered in Summer 2025 and will be the first affordable housing units to be delivered to the city in over a decade.
These housing units named Garraí na Sailí development will be located on Letteragh Road in Galway.
This scheme will be made available to those who are first time buyers and cant afford the original market value houses even with a maximum mortgage and 10% deposit.
This will be discussed and led by Burkeway Homes.
More about the Affordable Housing scheme
Galway City Councillor, Louise Esler of Housing Capital stated:
“Under the Affordable Housing scheme, the local authority will take a percentage equity share in your home equal to the difference between the open market value of the home and the reduced price paid”.
Esler explained this further stating:
“If you buy a home at a 20% reduction on the open market value, the local authority will have a 20% equity share in your home” .
The Acting Director of Services, Elizabeth Fanning, commented:
“Galway City Council is delighted to host this information evening on the Affordable Housing scheme.
Affordable housing plays a significant role it in the Galway City Development Plan”.
Fanning added “there is considerable demand for affordable homes in the city and a range of regulatory frameworks and funding mechanisms to support delivery.”
According to the Affordable Housing website, following participation in the scheme you can redeem or buy out the equity share in part or in full at a time of your choosing.
The website adds that although this is an alternative, there is no obligation to do so.
It also states that particular events will trigger the local authority to request their equity share to be redeemed.
One of the triggers includes i.e. you sell your home.
This information evening will also give the public a chance to ask questions about how the scheme operates.
The Galway Council recommends to register in advance for the Affordable Housing Information Evening on www.GalwayCity.ie .
More information about the national Affordable Homes scheme is available on https://affordablehomes.ie/ .