Affordable Housing Act 2021

Affordable Housing Act 2021 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2021 Affordable Housing Act 2021 Affordable Housing Act 2021 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Revised Act Acht Athbh… Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 25 of 2021 AFFORDABLE HOUSING ACT 2021 CONTENTS PART 1 Preliminary and General Section 1. Short title, collective citation and commencement 2. Interpretation 3. Regulations PART 2 Affordable Dwelling Purchase Arrangements 4. Interpretation (Part 2) 5. Application of Part 2 6. Provision of dwellings by housing authorities 7. Direct sales agreement 8. Open market dwelling 9. Notification of and applications for affordable dwelling purchase arrangements 10. Assessment of eligibility for affordable dwelling purchase arrangement 11. Scheme of priority for affordable dwelling purchase arrangements 12. Affordable dwelling purchase arrangements 13. Registration of affordable dwelling purchase arrangements and agreements with financial institutions 14. Valuation of affordable dwelling for certain purposes 15. Redemption and realisation of affordable dwelling equity 16. Redemption payments 17. Sale of affordable dwelling prior to redemption of affordable dwelling equity 18. Realisation event and realisation notice 19. Realisation of affordable dwelling equity by housing authority 20. Accounting for certain moneys received by housing authority 21. Discharge for money payable under policy of insurance 22. Relationship with other enactments 23. Regulations (Part 2) 24. Amendments to Housing Finance Agency Act 1981 25. Amendments to Housing (Miscellaneous Provisions) Act 1997 26. Amendments to Act of 2009 27. Amendments to Housing (Miscellaneous Provisions) Act 2014 PART 3 Cost Rental Dwellings 28. Interpretation (Part 3) 29. Application for designation as cost rental dwelling 30. Designation as cost rental dwelling 31. Lettings of cost rental dwelling 32. Application of Act of 2004 33. Setting and review of rent in cost rental tenancy 34. Housing assistance payment 35. Cost rental tenancy not social housing support 36. Obligation of owner to provide information to Minister regarding cost rental dwelling 37. Extension of minimum period 38. Termination of cost rental period 39. Cost rental tenancies subsisting on termination of cost rental period 40. Loans to approved housing bodies in support of cost rental dwellings PART 4 Provision of funding to purchase equity share in dwellings 41. Minister may provide funding to undertaking to enable purchase of dwellings PART 5 Arrangements between housing authority and Land Development Agency in relation to eligibility and priority for certain dwellings 42. Arrangements between housing authority and Land Development Agency PART 6 Amendments to Part V of Act of 2000 43. Amendment of section 93(1) of Act of 2000 44. Amendment of section 94 of Act of 2000 45. Amendment of section 95 of Act of 2000 46. Amendment of section 96 of Act of 2000 47. Amendment of section 97 of Act of 2000 PART 7 Miscellaneous 48. Agreements with financial institutions in respect of affordable housing under Act of 2000 or Act of 2002 PART 8 Repeals 49. Repeals Acts Referred to Central Bank Act 1971 (No. 24) Civil Liability Act 1961 (No. 41) Equal Status Act 2000 (No. 8) Family Home Protection Act 1976 (No. 27) Housing (Miscellaneous Provisions) Act 1992 (No. 18) Housing (Miscellaneous Provisions) Act 1997 (No. 21) Housing (Miscellaneous Provisions) Act 2002 (No. 9) Housing (Miscellaneous Provisions) Act 2009 (No. 22) Housing (Miscellaneous Provisions) Act 2014 (No. 21) Housing Acts 1966 to 2019 Housing Finance Agency Act 1981 (No. 37) Land and Conveyancing Law Reform Act 2009 (No. 27) Local Government Act 2001 (No. 37) Planning and Development Act 2000 (No. 30) Registration of Title Act 1964 (No. 16) Residential Tenancies (Amendment) Act 2015 (No. 42) Residential Tenancies Act 2004 (No. 27) State Authorities (Public Private Partnership Arrangements) Act 2002 (No. 1) Statute of Limitations 1957 (No. 6) Number 25 of 2021 AFFORDABLE HOUSING ACT 2021 An Act to provide for the provision of dwellings for the purpose of sale under affordable dwelling purchase arrangements; to provide for the provision by housing authorities of financial assistance to purchase dwellings under affordable dwelling purchase arrangements; to provide for dwellings to be made available on a cost rental basis; to provide for funding to be made available for the purchase of dwellings in accordance with a scheme of shared equity; to enable housing authorities to notify the public and assess eligibility and priority in relation to dwellings provided by the Land Development Agency; to amend the Housing Finance Agency Act 1981 , the Housing (Miscellaneous Provisions) Act 1997 , the Planning and Development Act 2000 , the Housing (Miscellaneous Provisions) Act 2009 and the Housing (Miscellaneous Provisions) Act 2014 ; and to provide for related matters. [21st July, 2021] Be it enacted by the Oireachtas as follows: PART 1 Preliminary and General Short title, collective citation and commencement 1. (1) This Act may be cited as the Affordable Housing Act 2021. (2) The Housing Acts 1966 to 2019, sections 15 , 85 and 87 of the Residential Tenancies (Amendment) Act 2015 and this Act may be cited together as the Housing Acts 1966 to 2021 and shall be construed together as one Act. (3) This Act shall come into operation on such day or days as the Minister may by order or orders appoint either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions. Interpretation 2. In this Act— “Act of 1992” means the Housing (Miscellaneous Provisions) Act 1992 ; “Act of 2000” means the Planning and Development Act 2000 ; “Act of 2002” means the Housing (Miscellaneous Provisions) Act 2002 ; “Act of 2009” means the Housing (Miscellaneous Provisions) Act 2009 ; “approved housing body” means a body standing approved of for the purposes of section 6 of the Act of 1992; “Minister” means the Minister for Housing, Local Government and Heritage; “Part V agreement” means an agreement under section 96(2) of Part V of the Act of 2000 for the provision of dwellings which constitute housing referred to in section 94(4)(a) of that Act; “prescribe” means prescribe by regulations. Regulations 3. (1) The Minister may make regulations in relation to any matter referred to in this Act (other than in sections 6 (4)(b) and 19 (3) (c) (ii)) as prescribed or to be prescribed or to be the subject of regulations, including those matters referred to in section 23 , or for the purpose of enabling any of its provisions to have full effect. (2) Regulations made under this Act may— (a) contain such incidental, supplementary, consequential or transitional provisions as appear to the Minister to be necessary for the purposes of the regulations, and (b) may be expressed to apply either generally or to specified housing authorities or areas or to housing authorities, areas, dwellings, tenancies, persons, households, or any other matter of a specified class or classes, denoted by reference to such matters to which the provision or provisions of this Act under which the regulations are made relate, as the Minister considers appropriate, and different provisions of such regulations may be expressed to apply in relation to different housing authorities or areas or different classes of housing authorities, areas, dwellings, tenancies, persons, households or other matters. (3) Every regulation or order (other than an order under section 1 (3)) under this Act shall be laid before each House of the Oireachtas as soon as may be after it has been made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. PART 2 Affordable Dwelling Purchase Arrangements Interpretation (Part 2) 4. In this Part— “abandoned”, in relation to an affordable dwelling, means that the affordable dwelling is no longer the normal residence of the homeowner or any member of the homeowner’s household; “affordable dwelling” has the meaning given to it by section 5 ; “affordable dwelling contribution” has the meaning given to it by section 12 (2); “affordable dwelling equity” has the meaning given to it by section 12 (5); “affordable dwelling purchase arrangement” has the meaning given to it by section 12 (6); “applicant” means a person who applies to purchase an affordable dwelling on his or her own or 2 or more persons who apply to purchase an affordable dwelling together; “Conveyancing Act” means the Land and Conveyancing Law Reform Act 2009 ; “direct sales agreement” has the meaning given to it by section 7 ; “dwelling” includes any building or part of a building occupied or intended for occupation as a normal place of residence and includes any out-office, yard, garden or other land and any easements, rights and privileges appurtenant thereto or usually enjoyed therewith and includes a house, flat, apartment or maisonette; “eligible applicant” means an applicant assessed by a housing authority under section 10 as being eligible for an affordable dwelling purchase arrangement; “homeowner”, in relation to an affordable dwelling, means an eligible applicant who has purchased an affordable dwelling under an affordable dwelling purchase arrangement and includes the successors and assigns of the homeowner; “household” means a person who lives alone or 2 or more persons who, in the opinion of the housing authority concerned, have a reasonable requirement to live together; “Housing Acts” means the Housing Acts 1966 to 2019; “long stop date” has the meaning given to it by section 12 (7)(f); “market value” has the meaning given to it by section 14 ; “open market dwelling” has the meaning given to it by section 8 ; “public private partnership arrangement” has the same meaning as in section 3 of the State Authorities (Public Private Partnership Arrangements) Act 2002 ; “realisation event” has the meaning given to it by section 18 ; “realisation notice” has the meaning given to it by section 18 ; “redemption payment” has the meaning given to it by section 16 ; “scheme of priority” has the meaning given to it by section 11 ; “valuation mechanism” has the meaning given to it by section 14 . Application of Part 2 5. This Part applies to each of the following dwellings (in this Part referred to as an “affordable dwelling”): (a) a dwelling made available by a housing authority under section 6 ; (b) a dwelling to which a Part V agreement applies that is being made available for sale; (c) an open market dwelling. Provision of dwellings by housing authorities 6. (1) A housing authority may make dwellings available for the purpose of sale to eligible applicants under affordable dwelling purchase arrangements and may, in accordance with the Housing Acts and regulations made under any of those Acts, acquire, build or cause to be built, or otherwise provide or facilitate the provision of, dwellings for that purpose. (2) A housing authority may, for the purposes of subsection (1), enter into— (a) arrangements with an approved housing body, (b) arrangements with a community-led housing organisation, a housing co-operative or a community land trust, (c) arrangements with the Land Development Agency, and (d) public private partnership arrangements. (3) The Minister may prescribe minimum requirements in relation to governance, previous experience, financial management and financial reporting to be met by a body or a class of bodies referred to in subsection (2)(b) before a housing authority may enter into an arrangement with such a body for the purposes of subsection (1). (4) The Minister may, with the consent of the Minister for Public Expenditure and Reform, pay, out of moneys provided by the Oireachtas, a grant towards the cost of making dwellings available under this section to the following: (a) a housing authority, in respect of dwellings made available by the authority or provided by an approved housing body or other person on behalf of the authority; (b) such other body, established by or under statute, as the Minister may prescribe by order for the purposes of this section whose functions include the provision of services to a housing authority in relation to the acquisition of dwellings. (5) In performing its functions under subsection (1), a housing authority shall have regard to the need to— (a) counteract segregation in housing between persons of different social backgrounds, and support the long-term sustainability of diverse communities, including the inter-generational sustainability of urban communities, and (b) ensure that a mixture of dwelling types and sizes is provided to reasonably match the requirements of eligible applicants. (6) In performing its functions under subsection (1), a housing authority shall have regard to its housing services plan. (7) In this section, “housing services plan” has the same meaning as it has in the Act of 2009. Direct sales agreement 7. (1) In this section, “direct sales developer” means each of the following: (a) a person with whom a housing authority has a contract for the provision of dwellings for the purposes of section 6 ; (b) a person with whom a housing authority has entered into arrangements pursuant to paragraph (a) or (c) of subsection (2) of section 6 for the purposes of that section; (c) a public private partnership with whom a housing authority has entered into an arrangement under paragraph (d) of subsection (2) of section 6 for the purposes of that section; (d) a person with whom a planning authority has entered into a Part V agreement. (2) A housing authority, pursuant to its functions under section 6 , or a planning authority, pursuant to its functions under Part V of the Act of 2000, may enter into an agreement (in this section referred to as a “direct sales agreement”) with a direct sales developer for the direct sale, in accordance with this Part, of the dwellings specified in the agreement to eligible applicants nominated by the housing authority in accordance with a scheme of priority. (3) A direct sales agreement shall provide that the direct sales developer may carry out any necessary transactions in relation to the direct sale, in accordance with this Part, of the dwellings specified in the agreement to eligible applicants, subject to the terms and conditions specified in subsection (4). (4) The terms and conditions referred to in subsection (3)— (a) shall— (i) require that the dwellings specified in the agreement be sold directly to eligible applicants nominated by the housing authority in accordance with a scheme of priority, (ii) specify, or make provision for, the terms and conditions (including as to price) on which the dwellings specified in the agreement shall be sold to eligible applicants nominated by the housing authority, (iii) require that the direct sale not be completed until the eligible applicant has entered into an affordable dwelling purchase arrangement with the housing authority, (iv) include terms and conditions relating to— (I) arrangements for the completion of sales, (II) notification of sales to the housing authority, and (III) any other matters relating to the sale of the dwellings specified in the agreement to eligible applicants, and (b) may include such other terms and conditions relating to the transactions referred to in subsection (3) as may be prescribed for the purposes of affordable dwelling purchase arrangements. (5) Where the total amount due to a person under a direct sales agreement is less than the amount due to such person under a contract or arrangement referred to in paragraph (a), (b) or (c) of subsection (1), the amount of any such difference shall be paid by the housing authority to that person. (6) Where the total amount due to a person under a direct sales agreement is greater than the amount due to such person under a contract or arrangement referred to in paragraph (a), (b) or (c) of subsection (1), the amount of any such difference shall be paid by that person to the housing authority. (7) Where the total amount due under a direct sales agreement to a person referred to in subsection (1)(d) is less than the amount payable to such person under the Part V agreement in respect of the dwellings specified in the direct sales agreement, the amount of any such difference shall be paid by the housing authority to that person. (8) Where the total amount due under a direct sales agreement to a person referred to in subsection (1)(d) is greater than the amount payable to such person under the Part V agreement in respect of the dwellings specified in the direct sales agreement, the amount of any such difference shall be paid by that person to the housing authority. Open market dwelling 8. A housing authority may, subject to the Housing Acts, and regulations made under any of those Acts, provide financial assistance to an eligible applicant to purchase a dwelling (in this Part referred to as an “open market dwelling”) under an affordable dwelling purchase arrangement, subject to the dwelling being— (a) available for purchase in the State, and (b) of a class of dwelling prescribed for the purpose of this section. Notification of and applications for affordable dwelling purchase arrangements 9. (1) A housing authority shall, before making dwellings available for the purpose of sale to eligible applicants under an affordable dwelling purchase arrangement, or providing financial assistance under section 8 , notify the public in accordance with subsection (2). (2) Notification under this section shall be in such manner and form as the Minister may prescribe. (3) Where a housing authority notifies the public under this section that it intends to make dwellings available for the purpose of sale to eligible applicants under an affordable dwelling purchase arrangement or to provide financial assistance under section 8 an applicant may apply to the housing authority to purchase a dwelling under the arrangement or to receive such assistance. (4) An application referred to in subsection (3) shall be in such manner and form as the Minister may prescribe. (5) Where a person is— (a) married, (b) in a civil partnership, or (c) in an intimate and committed relationship with a partner with whom he or she intends to reside in the affordable dwelling, he or she may not apply to a housing authority under this section to purchase an affordable dwelling under an affordable dwelling purchase arrangement on his own or her own but shall make any such application together with his or her spouse, civil partner or partner, as the case may be. (6) Regulations under subsection (4) may in particular provide for— (a) the time periods during which an application may be made, (b) the information and any documents required to accompany an application. Assessment of eligibility for affordable dwelling purchase arrangement 10. (1) Where an application is made to a housing authority under section 9 to purchase an affordable dwelling under an affordable dwelling purchase arrangement (referred to in this section as an “application”), the housing authority shall carry out an assessment of the applicant’s eligibility for the affordable dwelling purchase arrangement, in accordance with this section and any regulations made under this Part, by reference to the criteria set out in subsection (2). (2) An applicant shall only be eligible for an affordable dwelling purchase arrangement if— (a) the combined financial means of all of the persons making the application, determined in accordance with regulations made by the Minister under subsection (7), are within the parameters prescribed in such regulations, (b) subject to subsections (3), (5) and (6), none of the persons making the application has previously purchased or built a dwelling in the State for his or her occupation, (c) subject to subsection (6), none of the persons making the application owns, or is beneficially entitled to an estate or interest in, any dwelling in the State or elsewhere, and (d) each of the persons making the application has a right to reside in the State, to be demonstrated in such manner as the Minister may prescribe. (3) Where— (a) any of the persons making an application previously purchased or built a dwelling in the State, for his or her occupation, together with a spouse, a civil partner or a person with whom he or she was in an intimate and committed relationship, (b) the marriage, civil partnership or relationship concerned has ended, and (c) the person is now applying to purchase a dwelling on his or her own or with a different person, the previous purchase or building of the dwelling concerned shall not render the applicant ineligible for an affordable dwelling purchase arrangement. (4) For the purposes of subsection (3) a marriage is deemed to have ended when it is the subject of a decree of judicial separation, divorce or nullity and a civil partnership is deemed to have ended when it is the subject of a decree of dissolution or nullity. (5) Where any of the persons making an application previously purchased or built a dwelling in the State for his or her occupation but that person demonstrates, in such manner as the Minister may prescribe, that he or she has sold, or has been divested of, that dwelling as part of a personal insolvency or bankruptcy arrangement or proceedings or other legal process consequent upon insolvency, then the previous purchase or building of the dwelling concerned shall not render the applicant ineligible for an affordable dwelling purchase arrangement. (6) Where any of the persons making an application previously owned, or was beneficially entitled to an estate or interest in, a dwelling in the State and such dwelling, because of its size, is not suited to the current accommodation needs of the applicant’s household (as determined having regard to such matters as the Minister may prescribe or specify in guidelines), such ownership or beneficial entitlement, shall not, whether or not the person owns, or is beneficially entitled to an estate or interest in, the dwelling concerned at the time at which the application is made but subject to the powers of the Minister under sections 11 (2)(b) and 12 (8)(b), render the applicant ineligible for an affordable dwelling purchase arrangement. (7) The Minister may, with the consent of the Minister for Public Expenditure and Reform, make regulations prescribing the method to be used, and the matters to be taken into account, in order to determine the financial means of an applicant and the ability of an applicant to purchase a dwelling or class of dwellings. (8) Regulations under subsection (7) may, in particular, prescribe— (a) the manner in which the income of the applicant is to be determined by a housing authority, (b) which assets, if any, of the applicant are to be taken into account by a housing authority, (c) the procedures to be applied by a housing authority for the purposes of assessing an applicant’s eligibility by reference to income and other financial circumstances, including the income that shall be assessable for such purposes. Scheme of priority for affordable dwelling purchase arrangements 11. (1) A housing authority shall, before notifying the public for the first time that it intends to facilitate the purchase of affordable dwellings under affordable dwelling purchase arrangements, make a scheme (in this Part referred to as a “scheme of priority”) in accordance with regulations made under subsection (2) determining the order of priority to be accorded to eligible applicants in relation to— (a) the sale of affordable dwellings referred to in paragraphs (a) and (b) of section 5 where the demand for such dwellings exceeds the number of such dwellings available for the purposes of this Part, and (b) the provision of financial assistance under section 8 to eligible applicants to purchase open market dwellings where the demand for such financial assistance exceeds the financial resources available to the housing authority to provide such assistance. (2) The Minister may make regulations providing for the matters to be included in a scheme of priority, including but not limited to the following: (a) priority to be given to eligible applicants, or a class of eligible applicants, in relation to a particular dwelling, or class of dwelling, having regard to the size or composition of the eligible applicant’s household; (b) priority to be given to eligible applicants who do not own, or who are not beneficially entitled to an estate or interest in, a dwelling referred to in section 10 (6); (c) priority to be given to eligible applicants in relation to a dwelling based on the applicant (or where the applicant is 2 or more persons, any of such persons) being resident or having been resident in the administrative area of the housing authority or being or having been so resident for a particular length of time; (d) priority to be given to eligible applicants based upon the date or time at which the applicant made an application under section 9 . (3) A housing authority may, from time to time, review a scheme of priority and, as it considers necessary and appropriate, amend the scheme or make a new scheme. (4) The making of a scheme of priority or the amendment of such a scheme are reserved functions. (5) The sale of affordable dwellings to eligible applicants under this Part and, in the case of open market dwellings, the provision of financial assistance under section 8 to eligible applicants are executive functions. (6) A housing authority shall make a copy of its scheme of priority available for inspection by members of the public, without charge, on the Internet and at its offices and such other places, as it considers appropriate, during normal working hours. (7) Before making or amending a scheme of priority, a housing authority shall provide a draft of the scheme or amendment to the scheme, as the case may be, to the Minister, who may, as he or she considers necessary and appropriate, direct the housing authority to amend the draft scheme or draft amendment, and the housing authority shall comply with any such direction within such period as may be specified by the Minister. (8) The Minister may, as he or she considers necessary and appropriate, direct a housing authority to amend a scheme of priority, in such manner as he or she may direct, and the housing authority shall comply with any such direction within such period as may be specified by the Minister. (9) A scheme of priority made by a housing authority before the coming into operation of this section shall cease to have effect from the date of such coming into operation. Affordable dwelling purchase arrangements 12. (1) A housing authority may, in accordance with this Part, facilitate the purchase of affordable dwellings, in the manner provided for in this section, by eligible applicants in accordance with a scheme of priority. (2) The purchase of an affordable dwelling shall be facilitated by means of a contribution (in this Part referred to as the “affordable dwelling contribution”) which shall be: (a) in the case of an affordable dwelling referred to in paragraph (a) or (b) of section 5 , the difference between the market value of the affordable dwelling on the date on which an enforceable agreement is made for its purchase by the eligible applicant and the price paid by the eligible applicant; (b) in the case of an open market dwelling, the amount of the financial assistance provided by the housing authority towards the price paid by the eligible applicant. (3) The Minister may make regulations providing for— (a) the price to be paid by the eligible applicant referred to in paragraph (a) of subsection (2), and (b) the amount of the affordable dwelling contribution referred to in that subsection, to be determined having regard to the financial means of the applicant determined in accordance with section 10 . (4) The affordable dwelling contribution shall not be less than such minimum amount or greater than such maximum amount, or less than such minimum percentage of market value or greater than such maximum percentage of market value, as the Minister may prescribe. (5) In consideration of the provision of the affordable dwelling contribution, the housing authority shall be entitled to a beneficial interest in the affordable dwelling (in this Part referred to as the “affordable dwelling equity”) which shall be the proportion that the affordable dwelling contribution bears to the market value of the affordable dwelling on the date on which an enforceable agreement is made for its purchase by the eligible applicant, expressed as a percentage in accordance with the following formula: ((€A x 100)/€B)% where— (a) €A is the affordable dwelling contribution, and (b) €B is the market value of the dwelling on the date on which an enforceable agreement is made for its purchase by the eligible applicant. (6) The affordable dwelling contribution shall be provided and the affordable dwelling equity shall be held in accordance with an agreement (in this Part referred to as an “affordable dwelling purchase arrangement”) made between the housing authority and the eligible applicant, in such form as the Minister may prescribe. (7) An affordable dwelling purchase arrangement shall— (a) be made by deed, (b) be made prior to or contemporaneously with the purchase of the affordable dwelling by the eligible applicant, (c) record the affordable dwelling contribution (expressed as a sum) and the affordable dwelling equity (expressed as a percentage), (d) make provision for redemption payments in accordance with section 16 , sale of the affordable dwelling in accordance with section 17 and realisation by the housing authority in accordance with sections 18 and 19 , (e) make provision for the valuation mechanism, (f) set the the date after which the affordable dwelling equity may be realised by the housing authority if not previously redeemed in its entirety by the homeowner (in this Part referred to as the “long stop date”), (g) make provision for the realisation of the affordable dwelling equity by the housing authority on the occurrence of a realisation event, and (h) contain covenants— (i) prohibiting the sale, mortgage or any other form of alienation of the affordable dwelling or any interest therein without the prior written consent of the housing authority, which shall not be unreasonably withheld, and subject to any conditions imposed in such prior written consent, (ii) requiring that unless the housing authority gives its prior written consent, the affordable dwelling shall be occupied as the normal place of residence of the homeowner or of a member of the homeowner’s household, and (iii) making provision for the registration of the affordable dwelling purchase arrangement in the Registry of Deeds or the Land Registry, or both, as appropriate, in accordance with section 13 . (8) The Minister may prescribe additional matters to be included in an affordable dwelling purchase arrangement, including but not limited to the following: (a) additional covenants for the protection of the affordable dwelling equity as the Minister may prescribe, including but not limited to covenants— (i) requiring the homeowner to keep the affordable dwelling in good and substantial repair, (ii) prohibiting any structural alterations or additions to the affordable dwelling without the prior written consent of the housing authority, which shall not be unreasonably withheld, and subject to any conditions imposed in such prior written consent, (iii) prohibiting the homeowner from allowing any third party to go into adverse possession of the affordable dwelling or exercise rights capable of giving rise to rights through prescription or long user, (iv) permitting inspections of the affordable dwelling by the housing authority for the purposes of— (I) confirming compliance with the terms of the affordable dwelling purchase arrangement, or (II) determining market value for the purposes of this Part or the affordable dwelling purchase arrangement, or both, having first given reasonable notice of such inspection, and (v) making provision for the insurance of— (I) any building, effects or other property of an insurable nature, whether affixed to the land or not, which forms part of the affordable dwelling, for the full reinstatement cost of repairing any loss or damage arising from fire, flood, storm, tempest or other perils commonly covered by a policy of comprehensive insurance, or (II) the life of the homeowner, or both, and for the assignment of any policy of insurance to the housing authority as security for the affordable dwelling equity; (b) a condition that a homeowner sell or otherwise dispose of any estate or interest that he or she has, or any interest to which he or she is beneficially entitled, in a dwelling referred to in section 10 (6); (c) terms and other conditions including in relation to securing the interest of the housing authority in the affordable dwelling as the Minister may prescribe; (d) provision for the giving or service of notices, deemed dates of delivery of notices and such other incidental matters as may facilitate the efficient operation of the affordable dwelling purchase arrangement. (9) For the purposes of subsection (7)(f), the Minister may prescribe minimum and maximum periods between the date of an affordable dwelling purchase arrangement and the long stop date, which minimum period shall not in any case be less than 25 years. (10) A housing authority may insure and keep insured any building, effects or other property of an insurable nature, whether affixed to the land or not, which forms part of an affordable dwelling, for the full reinstatement cost of repairing any loss or damage arising from fire, flood, storm, tempest or other perils commonly covered by a policy of comprehensive insurance. (11) For the avoidance of doubt, an affordable dwelling purchase arrangement is not a conveyance for the purposes of section 3 of the Family Home Protection Act 1976 . (12) Nothing in this Part shall preclude a housing authority from making a loan under section 11 of the Act of 1992 to an eligible applicant for any of the purposes of this Part. (13) A housing authority shall be entitled to assign its interest in any affordable dwelling equity and upon notice thereof being furnished to the homeowner, the assignee of the affordable dwelling equity shall hold the same subject to and with the benefit of the terms of the affordable dwelling purchase arrangement. Registration of affordable dwelling purchase arrangements and agreements with financial institutions 13. (1) An affordable dwelling purchase arrangement shall be registrable in the Registry of Deeds as an act of the homeowner affecting the dwelling and, as the case may be, in the Land Registry as a burden on any folio in which the affordable dwelling or any part thereof is registered. (2) For the avoidance of doubt— (a) an affordable dwelling purchase arrangement shall be registrable as a burden on any folio in which the affordable dwelling or any part thereof is registered in the name of the homeowner whether such arrangement is made before or after the eligible applicant becomes the registered owner, or the person entitled to be registered as owner, of the dwelling, and (b) the Property Registration Authority shall, on application to it in the prescribed form, make an entry pursuant to section 98 of the Registration of Title Act 1964 on any folio in which an affordable dwelling purchase arrangement is registered as a burden inhibiting any dealing with the affordable dwelling unless at least 28 days’ notice of the proposed dealing has been given to the housing authority. (3) A housing authority may, subject to subsection (4), enter into an agreement (either generally or in relation to a particular affordable dwelling purchase arrangement) with a holder of a licence under the Central Bank Act 1971 , a building society or other financial institution regulating the order of priority as between either or both of an affordable dwelling equity and any terms of an affordable dwelling purchase arrangement and a mortgage or charge proposed to be created in favour of that holder, building society or financial institution. (4) A housing authority may enter into an agreement referred to in subsection (3) only if it considers that the agreement will— (a) enable an eligible applicant to obtain an advance of moneys from the holder of a licence, building society or financial institution referred to in subsection (3) for the purposes of purchasing the dwelling, or (b) enable an eligible applicant— (i) to refinance an existing advance of moneys from the same or any other holder of a licence, building society or financial institution referred to in subsection (3), or (ii) to obtain a further advance of moneys from the same or any other holder of a licence, building society or financial institution referred to in subsection (3), for any purpose, where the priority of any security for such further advance of moneys will not impair the capacity of the housing authority to realise the affordable dwelling equity. Valuation of affordable dwelling for certain purposes 14. (1) For the purposes of this Part, and subject to sections 17 (7) and 19 (15), “market value”, in relation to an affordable dwelling, means the price for which the affordable dwelling might reasonably be expected to be sold on the open market for the estate purchased by the homeowner, freed and discharged of any mortgage or incumbrance (including the affordable dwelling purchase arrangement)— (a) disregarding any increase in the value of the affordable dwelling attributable to any material improvements carried out by the homeowner, and (b) disregarding any reduction in the value of the affordable dwelling attributable to any want of repair or other breach by the homeowner of any covenant in the affordable dwelling purchase arrangement. (2) In subsection (1)(a), “material improvement” means any addition or alteration to the dwelling but does not include repairing, painting or decorating. (3) For the purposes of section 12 (7)(c), the market value shall be calculated and determined by the housing authority prior to the making of the affordable dwelling purchase arrangement. (4) Subject to the terms of the affordable dwelling purchase arrangement, “valuation mechanism”, for the purposes of this Part, means the following procedure: (a) the housing authority, having been given such information and afforded such inspection facilities as it reasonably requires in order to do so, shall serve a notice on the homeowner setting out the housing authority’s estimate of the market value of the affordable dwelling and any value or sum calculable by reference to the market value, and shall include in that notice any facts relevant to that estimate or calculation in accordance with paragraphs (a) and (b) of subsection (1); (b) where the homeowner confirms, in writing, agreement with the notice referred to in paragraph (a) or does not respond in writing within a period of 21 days beginning on the date on which the notice is served or such extended period as may be agreed, the matters contained in the notice shall be deemed to constitute the market value of the affordable dwelling, values or sums calculated by reference to the market value and facts relevant to that calculation, as the case may be; (c) if the homeowner confirms, in writing, disagreement with any matter stated in the notice within a period of 21 days beginning on the date on which the notice is served or such extended period as may be agreed, the homeowner shall nominate an independent valuer from a panel of suitably qualified persons established by the housing authority to whom the matter in disagreement shall be referred by the housing authority, and the determination of the said valuer shall be final and binding; (d) notwithstanding that the housing authority shall discharge the reasonable fees of the independent valuer, one half of such fees shall be recoverable by the housing authority from the homeowner as a simple contract debt. (5) The notice to be served by the housing authority on the homeowner in accordance with subsection (4)(a) shall contain such further information as the Minister may prescribe. (6) Save as provided for in subsection (3), whenever it is necessary to determine— (a) the market value of any affordable dwelling at any relevant time, (b) any fact relevant to that determination in accordance with paragraphs (a) and (b) of subsection (1), or (c) the affordable dwelling equity or any other value or sum calculable by reference to the market value, those matters shall be determined in accordance with the valuation mechanism. (7) The Minister may prescribe classes of person to be suitably qualified for the purposes of subsection (4)(c). Redemption and realisation of affordable dwelling equity 15. The affordable dwelling equity shall be redeemed by the homeowner and realised by the housing authority by means of one or more of the following: (a) making of redemption payments by the homeowner in accordance with section 16 ; (b) payment by the homeowner following a sale of the affordable dwelling in accordance with section 17 ; (c) realisation of the affordable dwelling equity by the housing authority in accordance with sections 18 and 19 . Redemption payments 16. (1) At any time prior to a sale in accordance with section 17 or 19 , and subject to the payment of any minimum amount that may be prescribed, the homeowner may redeem in whole or in part the affordable dwelling equity by means of one or more than one payment (in this Part referred to as a “redemption payment”) made in accordance with this section and the terms of the affordable dwelling purchase arrangement. (2) The affordable dwelling purchase arrangement shall set out the following procedure for making a redemption payment: (a) the homeowner shall give notice in writing, in such form and manner as may be prescribed, to the housing authority of his or her intention to make a redemption payment, including details of the sum intended to be paid; (b) the market value of the affordable dwelling at the date of the notice, and the reduction in the affordable dwelling equity consequent upon the sum referred to in the notice being paid, calculated in accordance with subsection (3), shall be determined in accordance with the valuation mechanism; (c) a redemption payment may be made not later than 3 months from the date on which the matters referred to in paragraph (b) are determined; (d) a redemption payment made in accordance with paragraph (c) shall be accepted by the housing authority and in the event of any variation between the sum notified under paragraph (a) and the sum actually paid (including where any contribution to the cost of an independent valuer due to the housing authority in accordance with the valuation mechanism is deducted from the sum paid by way of set off), the reduction in the affordable dwelling equity consequent upon the actual sum paid shall be varied pro rata; (e) following the making of a redemption payment, the housing authority shall give notice in writing of the revised affordable dwelling equity to the homeowner; (f) the housing authority shall maintain and keep a record of payments made by a homeowner under this section and the revised affordable dwelling equity. (3) The reduction in the affordable dwelling equity consequent upon a redemption payment shall be that percentage of the market value of the affordable dwelling at the date on which notice of intention to make the redemption payment is given to the housing authority that is represented by the redemption payment, and the affordable dwelling equity shall be recalculated after the making of the redemption payment as a percentage in accordance with the following formula: X% - ((€Y x 100)/€Z)% where— (a) X% is the affordable dwelling equity as stated in the affordable dwelling purchase arrangement unless redemption payments have previously been made, in which case it shall be the affordable dwelling equity as revised pursuant to the last previous redemption payment made, (b) €Y is the sum paid to the housing authority as the redemption payment, and (c) €Z is the market value of the dwelling determined under subsection (2)(b). (4) If the homeowner redeems the entirety of the subsisting affordable dwelling equity by means of one or more than one redemption payment, the housing authority shall, upon written request and at the expense of the homeowner, execute all documents and take all steps reasonably necessary to effect the discharge or cancellation of the affordable dwelling purchase arrangement as a burden on the affordable dwelling. (5) Where a homeowner exercises his or her entitlement to redeem the affordable dwelling equity under this section after the housing authority has incurred reasonable costs in the exercise of a power or right under section 19 , the homeowner shall, as a precondition to the discharge of the affordable dwelling equity, be responsible for the discharge of those reasonable costs. Sale of affordable dwelling prior to redemption of affordable dwelling equity 17. (1) An affordable dwelling shall not be sold by a homeowner prior to the redemption of the affordable dwelling equity without the prior written consent of the housing authority following a request in that behalf by the homeowner concerned. (2) A housing authority shall not unreasonably withhold its consent under subsection (1) having regard to the objective of realising the affordable dwelling equity from the proceeds of any such sale after discharge of prior incumbrances. (3) A request by a homeowner for consent to sell prior to the redemption of the affordable dwelling equity shall include the proposed minimum selling price and all information reasonably necessary to enable the housing authority to consider the request for consent. (4) A homeowner who has made a request to sell under this section shall allow the housing authority to inspect the affordable dwelling prior to the housing authority making a decision under subsection (5). (5) As soon as reasonably practicable after consideration of the request for consent to sell, the housing authority shall notify the homeowner in writing of its decision which shall be a decision— (a) to refuse to grant its consent and, where it so refuses, the notification shall state the reasons for the refusal, or (b) to grant consent subject to a stated minimum selling price and subject to such conditions (if any) as the housing authority may impose for the purposes of securing the payment of the affordable dwelling equity out of the proceeds of any such sale. (6) Any sale shall be conducted in accordance with any conditions included in the written consent of the housing authority. (7) After the homeowner enters into an enforceable contract for any sale in respect of which consent has been granted under this section but prior to the completion of that sale, the homeowner shall notify the housing authority of the actual sale price, and the monetary value of the affordable dwelling equity shall be determined by the housing authority in accordance with the valuation mechanism in accordance with the following formula and shall be notified to the homeowner: X% x (€Y - €Z) where— (a) X% is the affordable dwelling equity as stated in the affordable dwelling purchase arrangement unless redemption payments have previously been made, in which case it shall be the affordable dwelling equity as revised pursuant to the last previous redemption payment made, (b) €Y is the market value of the affordable dwelling provided that for the purpose of such determination, the price referred to in section 14 (1), to be adjusted (if relevant) by reference to the matters referred to in paragraphs (a) and (b) of section 14 (1), shall be the actual sale price, and (c) €Z is the amount of the vouched charges, costs and expenses properly incurred by the homeowner as incident to the sale. (8) Unless permitted in writing by the housing authority and subject to any conditions of such permission, the sale shall not be completed until the monetary value of the affordable dwelling equity is determined and notified to the homeowner by the housing authority. (9) Upon the payment by the homeowner to the housing authority of the sum representing the monetary value of the affordable dwelling equity, the housing authority shall execute all documents and take all steps reasonably necessary to effect the discharge or cancellation of the affordable dwelling purchase arrangement as a burden on the affordable dwelling. (10) If the proceeds of sale remaining, after discharge of prior incumbrances and the vouched charges, costs and expenses properly incurred by the homeowner as incident to the sale, are insufficient to discharge the affordable dwelling equity, the housing authority shall comply with subsection (9) upon payment of the remaining proceeds of the sale, and the remaining balance due to the housing authority shall be recoverable by the housing authority from the homeowner as a simple contract debt. (11) Subject to any agreement referred to in section 13 (3), in the case of a sale of the affordable dwelling by a mortgagee having rights in priority to the rights of the housing authority in the affordable dwelling purchase arrangement— (a) the mortgagee shall be entitled to sell the affordable dwelling without the consent of the housing authority, (b) the housing authority shall be deemed the person entitled, pursuant to section 107(2) of the Conveyancing Act, to receive the residue of the proceeds of such resale after discharge of the mortgage moneys due to such lender upon the trusts provided for in section 107(3) of the Conveyancing Act, and (c) upon receipt of the residue of the proceeds of such sale, the housing authority shall retain the proceeds pending agreement or determination of the monetary value of the affordable dwelling equity, and shall apply such proceeds towards the discharge of the affordable dwelling equity, and— (i) any residue of the proceeds held after discharge of the affordable dwelling equity shall be held by the housing authority upon the trusts provided for in section 107(3) of the Conveyancing Act and distributed accordingly, and (ii) if the proceeds held are insufficient to discharge the affordable dwelling equity, the balance due to the housing authority shall be recoverable by the housing authority from the homeowner as a simple contract debt. Realisation event and realisation notice 18. (1) The housing authority shall be entitled to demand the redemption of the affordable dwelling equity by serving a notice (in this Part referred to as a “realisation notice”) on the homeowner on the occurrence of such event (in this Part referred to as a “realisation event”) as is specified in the affordable dwelling purchase arrangement. (2) Without prejudice to the generality of subsection (1), each of the following shall be a realisation event: (a) the affordable dwelling equity is not redeemed in its entirety by the homeowner by the later of the following dates: (i) the long stop date; (ii) the date 3 months from the date on which written notice of the expiration of the long stop date is given by the housing authority to the homeowner, which notice is to be given at any time within the period of 6 months ending on the long stop date or after the long stop date; (b) the person who purchased the affordable dwelling under an affordable dwelling purchase arrangement, or, where pursuant to the arrangement the dwelling was purchased by more than one person, each such person, dies, commits an act of bankruptcy, or is adjudicated a bankrupt; (c) any mortgagee, incumbrancer or receiver enters into possession of all or part of the affordable dwelling or the rents and profits thereof; (d) the affordable dwelling becomes subject to an order or process for compulsory purchase; (e) the affordable dwelling is demolished or destroyed, whether by fire or otherwise, or is damaged so as to materially affect its market value; (f) the affordable dwelling is abandoned by the homeowner; (g) following the giving of notice by the housing authority to the homeowner to remedy a material breach of a covenant in the affordable dwelling purchase arrangement within such reasonable period as may be specified in the notice, the breach is not remedied in the period specified; (h) the housing authority is satisfied that the homeowner wilfully misled it in respect of any material fact having regard to which the eligibility or priority of the homeowner was determined in accordance with section 10 or 11 . (3) The housing authority may communicate with the homeowner for the purposes of advising, consulting or negotiating with the homeowner in relation to any actual or anticipated realisation event provided that the occurrence of a realisation event shall not oblige the housing authority to serve a realisation notice and neither its failure to serve a realisation notice nor any advice, consultation or negotiations with the homeowner shall constitute any waiver of its entitlement to serve a realisation notice. (4) A realisation notice shall specify a period, not shorter than 3 months commencing on the date of its service (save in exceptional circumstances where the housing authority’s ability to realise the affordable dwelling equity would be compromised), after which the housing authority shall be entitled to realise the affordable dwelling equity in accordance with section 19 , unless the homeowner has first redeemed in its entirety the affordable dwelling equity. Realisation of affordable dwelling equity by housing authority 19. (1) Where, following the service of a realisation notice, in the reasonable opinion of the housing authority, the affordable dwelling has been abandoned by the homeowner and is at risk of destruction or damage or its use or condition constitutes a risk to the health or safety of any person, the housing authority shall be entitled to enter upon, secure and take possession of the affordable dwelling pending the realisation or redemption in its entirety of the affordable dwelling equity and in such case the housing authority shall not be liable to the homeowner for any loss save for any damage caused to the affordable dwelling by the housing authority in the course of effecting such entry or during such possession. (2) Where a housing authority takes possession of an affordable dwelling under subsection (1) it may return possession of the dwelling to the homeowner if it is satisfied that the risks have abated. (3) Upon the expiration of the period specified in the realisation notice, or such further period as may be specified in writing by the housing authority— (a) subject to the provisions of this subsection, the housing authority shall be entitled to sell, or concur with any other person in selling, the affordable dwelling and shall have all powers reasonably necessary to effect such sale, including the powers set out in subsection (4), (b) for the purpose of effecting such sale, the housing authority shall be entitled to demand and take possession of the affordable dwelling, giving not less than one month’s notice (save in exceptional circumstances where delay would prejudice the housing authority’s ability to realise the affordable dwelling equity), (c) unless possession has been yielded up by the homeowner, the housing authority may— (i) peaceably enter and take possession of the affordable dwelling, or (ii) apply to the Circuit Court for the county in which the affordable dwelling is situate in a summary manner to be prescribed by rules of court for an order for possession of the affordable dwelling, (d) on the hearing of an application for possession, the Circuit Court shall, on proof that a valid realisation notice has been served and that the affordable dwelling equity has not been redeemed in its entirety, order that possession be granted to the housing authority subject to such stay on execution, not exceeding 6 months, as it thinks fit, (e) upon taking possession of the affordable dwelling, the housing authority shall, within a reasonable period, take steps to exercise the power of sale and to sell the dwelling at the best price reasonably obtainable within that period, (f) the housing authority may demand and recover from any person, other than a person having in the affordable dwelling an estate or interest in priority to the affordable dwelling equity, all deeds and documents relating to the affordable dwelling, or its title, which a purchaser under the power of sale would be entitled to demand and recover, and (g) the housing authority shall not be answerable for any involuntary loss resulting from the exercise or execution of the power of sale, of any trust connected with it, or of any power or provision contained in the affordable dwelling purchase arrangement. (4) Incidental to the power of sale in subsection (3)(a) are the powers to— (a) sell the affordable dwelling— (i) subject to prior charges or not, (ii) by public auction, tender or private contract, (iii) subject to such conditions respecting title, evidence of title, or other matter as the housing authority or other person selling thinks fit, (b) rescind any contract for sale and resell the affordable dwelling. (5) Subject to the terms of any agreement referred to in section 13 (3) nothing in this section shall prejudice the rights of any mortgagee of the affordable dwelling and, for the avoidance of doubt, a housing authority that has taken possession of an affordable dwelling pursuant to this section may hand over the possession of the affordable dwelling to any such mortgagee having an entitlement to such possession on demand therefor by the mortgagee, and, without prejudice to the right of the housing authority to resume such possession by agreement with suc …