Galway Bay fm newsroom - The City Council has reintroduced its Home Purchase loan facility in a bid to ease the current crisis in the rental market.
The local authority is now accepting applications under the scheme, which will see first time buyers offered loans of up to 200 thousand euro.
The maximum term for loans taken out under the City Council scheme is 30 years, and the max loan to value ratio is 90%.
Applications will be considered from applicants who have proof of having been rejected twice by commercial lending institutions, such as banks or building societies.
For single people, the applicant cannot be earning more than 50 thousand euro, while joint applicants have a maximum income limit of 75 thousand euro.
The council can offer borrowers a variable interest rate of 2.3%, and mortgage protection insurance is compulsory under the scheme.
Meanwhile, a council report shows there is sufficient space in the city to build nine thousand houses
Cllr Billy Cameron commented at this week's council meeting that it's disgraceful that developers and owners are sitting on these sites when there's a homelessness crisis
