The Vacant Property Refurbishment Grant has proven to be immensely popular, with over 8,100 applications received to date. Now, under the LAPR program, first-time buyers aiming to transform a vacant or derelict property into a new home can obtain a loan to cover both the purchase and renovation costs.
Eligibility for the new support is subject to the applicant meeting the existing local authority mortgage lending eligibility criteria and the project meeting scheme lending criteria. The introduction of the LAPR significantly expands the types and numbers of homes eligible under current local authority mortgage lending rules. Previously, only homes which were habitable were eligible for the Local Authority Home Loan and the loan was only available for the purchase of the property, not renovation.
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The loan, an extension of the Local Authority Home Loan, will be available in the coming weeks. This initiative underscores the government's dedication to revitalising unused homes, a key goal of Housing for All, while also offering an additional funding option for individuals pursuing homeownership.
The Minister for Housing, Local Government and Heritage, Darragh O'Brien TD said:
"The extension of local authority mortgage lending to the purchase and renovation to all homes eligible for the Vacant Property Refurbishment Grant will help people who are struggling to complete the purchase and renovation of a vacant or derelict property and will give them the necessary finance to make their project viable. Under Housing for All, we are committed to make the dream of home ownership become a reality for as many as possible. This loan provides another pathway to reaching that destination."
