The Shared Ownership System offers home ownership in a number of steps to those who cannot afford full ownership in one step in the traditional way.
Shared ownership involves the purchase of a new or second hand home with Galway City Council initially taking at least a 40% stake, which they rent to the beneficiary.
Initially, ownership of the house is shared between you and Galway City Council.
You fund your equity stake through a local authority loan.
You make payments on a mortgage for the part you own and pay rent to the local authority for the other part at a rate of 4.3% of the value of the share in the ownership held by Galway City Council.
Your rent is increased annually by 4.5%.
To be eligible for the above schemes you must be:
Single Income Household:Gross income (before tax) should not exceed €36,800
Two Income Household:two and a half times the gross income (before tax) of the principal earner plus once the gross income of the subsidiary earner should not exceed €92,000
OR
OR
A graded subsidy towards the rent is available to shared owners whose household income in the preceding tax year is €25,500 or less.
If you are interested in applying for the Shared Ownership Scheme you should make an appointment with the Housing Section in City Hall. You can do this by phoning 091 536432.
Housing Section,
Galway City Council,
City Hall,
College Road,
Galway.
Tel: 091 536432
Email: housing@galwaycity.ie