City Council seeking “advance purchase” deals for affordable housing

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City Council seeking

Galway City Council is seeking to make advance purchase arrangements with housing developers to buy turnkey properties which have yet to be built.

In order to secure additional affordable and social housing, the council is seeking to buy unbuilt houses or apartments with planning permission.

This is targeted at advance purchase opportunities for a minimum of 10 and a maximum of 150 dwellings in any one scheme.

Joint venture arrangements that include an Approved Housing Body (AHB) will also be considered.

It is intended that under these arrangements, the council will enter into an agreement for an approved number of homes within a scheme, with payment on completion.

The advance purchase agreement also provides for the direct sale of homes by the developer to an eligible purchaser nominated by the local authority.

The Council’s Director of Service for Housing, Ms. Patricia Philbin said “Under the Housing for All plan, Galway City Council will significantly increase our provision of social and affordable housing over the coming years.”

“The new Affordable Housing Fund is a very important measure towards that ambition, allowing greater and more efficient delivery of homes at below market rates.”

She urged developers to consider the benefits of “financial surety and efficiency” that would come from making an advance purchase arrangement with the council.

“Entering an arrangement with us will also provide much needed homes and help to build sustainable communities.”

Funding to increase the supply of affordable and social homes is being made available for the city council under the HFA plan, with €2.9 billion for the delivery of affordable homes nationwide up to 2030.