Under this scheme, you can apply to Offaly County Council to buy your local authority house. If approved, you must continue to live in the house for as long as you own it. You will get a discount on the price of the house based on your income.
Offaly County Council will also place a charge on your house called an ‘incremental purchase charge’. This charge will be equal to the discount you get on the price of the house. The charge will remain in place for 20, 25 or 30 years (depending on the discount given). Each year, Offaly County Council will reduce the charge by 2%. At the end of the 20, 25 or 30 years, the charge will be zero as long as you obey the terms and conditions of the scheme.
You will be able to resell your house at any time if Offaly County Council agrees. However, if you sell before the end of the 20, 25 or 30 years, you will have to pay back the value of the outstanding charge on your house to Offaly County Council