Housing for All - Available Supports
Through Housing for All, the Government’s national housing plan to 2030, housing supports are available that aim to make housing more affordable and more energy efficient
Erin
Estimated reading time: 7 minutes
The plan recognises that significant new supports are needed so that those who want to own their own home can do so, and that those who wish to rent are able to do so at an affordable rate. The plan provides supports to make homes warmer, healthier and more comfortable, with lower energy bills.
Housing for All aims to deliver over 300,000 new homes between now and the end of 2030. This target includes 36,000 affordable purchase homes and 18,000 cost rental homes. The plan also aims to retrofit 500,000 homes by 2030 to a B2 or Cost Optimal BER standard.
Affordable housing is being provided in two ways:
- Affordable homes to purchase, available through a number of schemes
- Affordable rental housing, provided through a model known as Cost Rental
Local Authority Affordable Purchase Scheme
The Local Authority Affordable Purchase Scheme will make homes available at a reduced price for first-time buyers whose mortgage and deposit will not cover the price of the home and who are seeking to purchase a newly-built home.
Through the scheme, a local authority will take a percentage equity stake (share of the ownership) in the home equal to the difference between the open market value of the property and the reduced price paid by the purchaser. The homeowner can buy back the local authority’s equity stake at any time but does not have to.
Each participating local authority will introduce its own scheme.
Local Authority Affordable Purchase Scheme: Factsheet
DownloadLocal Authority Home Loan Scheme
The Local Authority Home Loan is a government-backed mortgage for first-time buyers or ‘Fresh Start’ applicants. It is available nationwide from all local authorities for those on modest or low incomes who cannot get sufficient funding from regulated financial providers to purchase or build a home. Eligible first-time buyers can apply for a Local Authority Home Loan to purchase a new or second-hand property, or to build their own home.
A ‘Fresh Start’ principle applies to the Local Authority Home Loan Scheme. This means that people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings, are eligible to apply under this Scheme. It is available nationwide from all local authorities.
Cost Rental
Cost rental is a new form of long-term, sustainable home rental. Cost Rental is targeted at is targeted at middle-income households with incomes above the social housing limits.
Under the Cost Rental model, homes are provided with rents that are set to cover only the cost of financing, building, managing and maintaining the homes. In general, rents will be targeted at 25% below private market rents in the area.
Cost Rental: Factsheet
DownloadMortgage to Rent Scheme
The MTR scheme offers households in acute, unsustainable mortgage arrears situations, with little or no prospect of a significant change in circumstances, the chance to surrender a property to a lender and in turn become a social housing tenant whilst staying in their own home and community. As part of the scheme, the home will be brought up to private rental standards.
Under the scheme, you voluntarily surrender ownership of your home to your mortgage lender. An Approved Housing Body or an approved private company can then buy your home. You no longer own your home or have any financial interest in it. However, you can continue to live there as a tenant of the local authority or approved housing body. You pay an affordable rent, which is based on your income. So, if your income increases the rent increases, but if your income falls the rent decreases. This means that your rent is always affordable.
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