What is the Affordable Home Purchase Scheme Equity Share?
The equity share, represented as a percentage value of the home, is the difference between the purchase price and the open market value.
The minimum equity share Laois County Council can provide to applicants to help them "bridge the gap" is 5% of the full purchase price of the home.
Applicants will not be eligible if they require less than a 5% equity share - see example below.
| Open market value | What you can afford to pay (purchasing power) | Affordability gap (€) | Affordability gap (%) | Eligible to apply for scheme? |
|---|---|---|---|---|
| €400,000 | €390,000 | €10,000 | 2.5% | No |
| €400,000 | €340,000 | €60,000 | 15% | Yes |
If you purchase an affordable home and the price you pay for the home is 15% less than the open market value of the affordable home, Laois County Council will take a 15% equity share in your home.
If you choose not to redeem the equity share while living in the home, Laois County Council may do so when the property is sold, transferred, after your death, or after the "long stop date", of 40 years.
For successful application conditions regarding the equity share are laid out in the Affordable Dwelling Purchase Arrangement document. This document is signed by all successful application prior to the completion of the sale.