This scheme allows local authorities and approved housing bodies (AHBs) to lease suitable vacant properties for periods of between 10 to 25 years with a rent which is approx 80% of market rent. The deduction from the rent goes towards the general maintenance of the property which is carried out by Waterford City and County Council over the term of the lease.
Under the arrangement, Waterford City and County Council will:
Be the landlord to the tenants
Maintain the interior of the property for the duration of the agreement. The home will be returned to the owner in good condition at the end of the lease term
Pay up to 80-85% of the open market rent throughout the term (depending on management service charge) with a rent review every 3 years
The property owner will:
Satisfy the local authority that they have a good and marketable title to the property
Provide a home that is adequately furnished and which has a BER Certificate of at least a ‘D1’