Local Authority Affordable Purchase Scheme (LAAPS)

The main points of the Scheme are as follows:

• The Scheme is for first time buyers (along with some exceptions) who cannot afford to purchase a home at market value.
• The Scheme applies to specific new-build houses.
• The Affordable Home will be the principal private residence of the purchaser.
• Applicants who are married, in a civil partnership or in a committed relationship with a partner with whom he/she they intend to live in the affordable dwelling, may not apply for an affordable dwelling on his/her their own but must apply jointly with his/her their spouse/partner.
• To participate in the Scheme, applicants will be required to maximise their mortgage drawdown capacity (four times a household income), from a participating bank, lender or Local Authority Home Loan. Participating banks include Bank of Ireland, Allied Irish Bank, Permanent TSB, ESB, Avant Money and Haven Mortgages. 
• The maximum financial support (equity share), available on each home will be established by Longford County Council. 
• All purchasers must sign up to an 'Affordable Dwelling Purchase Arrangement' with Longford County Council. Under this arrangement the Council will take 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. 
• The equity share required will not be less than 5% of the market value of the dwelling. 
• The purchaser can buy out this equity share at a time of their choosing but there will be no requirement to do so. 
• The Council may not seek realisation of its affordable dwelling equity for a 40-year period (other than for breach of the agreement). However, the purchaser may choose to redeem or buy out the affordable dwelling equity at any time by means of one or a series of payments to the Council. The maximum amount of redemption payment is €10,000. 
• If the purchaser chooses not to redeem the equity share while living in the home, the local authority can do so when the property is sold or transferred, or after the death of the owner.

In order to be eligible to apply for an Affordable Housing Scheme, applicants must satisfy the following criteria:

• Each applicant must be a First-Time Buyer or meet the exceptions under the Fresh Start Principle.
• The affordable home must be the household's normal place of residents.
• Applicants' purchasing power must not exceed 95% of the market value of the property. 
• Applicant(s) must have a right to reside in the State. Each applicant must provide evidence of this right to reside. Each applicant must provide proof of residency such as current valid Irish, UK, EU/EEA or Swiss Passport or a valid Irish Residence Permit.