Mayor of the County of Cork Cllr Frank O’Flynn with Declan Magner, Project Manager Vella Homes, and Maurice Manning, Director of Services Housing, Cork County Council, as Cork County Council announced a new Affordable Housing Purchase Scheme in Fermoy. Photo: Sean Jefferies Photography

Housing scheme to open in Fermoy

Applications are due to open later this month for an affordable housing project in Fermoy.

Constructed by Vella Homes, the new three-bed houses at Rathealy Close in Fermoy will generally be available for first-time buyers who do not own a home, although a small number of exceptions apply, as well as Fresh Start Applicants.

Cork County Council announced details of the Affordable Housing Purchase Scheme on Tuesday. The 20 three-bedroom houses will be available from €255,000 which represents a reduction of approximately 23% from market value.

Applications will open at 12noon on Tuesday 19 March and close at 12noon on 9 April via the online application portal on Cork County Council’s website

Mayor of the County of Cork Cllr Frank O’Flynn said: “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.”

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%).

Chief Executive of Cork County Council, Valerie O’Sullivan said: “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.”