A “huge uptake” is expected for a new tenant purchase scheme which will allow people avail of a discount of up to 45 per cent on the market price of a house.
The new tenant purchase scheme, passed as part of Budget 2011, and is soon to be rolled out by the Galway City Council. It will come before councillors for discussion at the April monthly meeting, but the measure has already been welcomed by Labour councillor Billy Cameron.
“I consider it to be a huge advancement on the present scheme,” he said. “I believe there will be a huge uptake and that it is a win-win situation for both the council and the tenant.”
According to Cllr Cameron, under the current scheme a maximum 30 per cent discount is accumulated over a 10-year period at a rate of three per cent for each year of the tenancy. The new scheme will allow tenants to accumulate a maximum of 45 per cent discount over a 15-year period. Applications under the new scheme will be accepted up until the end of 2011