Rent to Buy scheme – DCC Pilot Scheme terms and conditions 1. GENERAL The Rent to Buy scheme is designed to assist eligible applicants for affordable housing towards purchase of their home. Under the scheme, the affordable home can be rented immediately for a period of up to three years. The applicant has the option to purchas e that home at any time during this term at an agreed affordable purchase price. 80% of the rent paid will be used t owards t he purchase of the affordable home. 2. ELIGIBILITY Priority will be given to those applicants on the affordable housing list. An assessment of the applicant’s ability to meet the commitments of a mortgage for the rent ed property should be performed before granting a lease under the scheme. A pplicants will also need to earn a minimum of €25,000 p.a. to qualify. 3. PURCHAS E PRICE The purchase price will be the affordable price, agreed and fixed prior to the granting of the lease (t he agreed purchas e pric e). The applicant has the option to buy the affordable home at any stage during the rent al period at this agreed purchase price. The affordable price will be 10% less than current market value, this will give the property a ‘clawback’. 4. RENT PAYABLE The affordable rent will be fixed for a three year term. This monthly rent will be 80% of current market rent. 5. SECURITY DEPOSIT A two month deposit will be payable on signing of t he letting agreement. A portion of this deposit may be refundable subject to: the property being maint ained and returned to Dublin City Council in its original condition and subject to one month’s notice from the applicant of int ention to quit the affordable home where the applicant elects not to purchase; or the applicant purchasing the affordable home. 6. LEASE ARRANGEMENTS AND TERM The applicant will sign a letting agreement for a term of three years. The terms and conditions of rental will mirror that of a similar property on the private rent al market and the applicant will be required to adhere to all provisions within the letting agreement, including property repairs and maintenance, rent payment and occupancy restrictions. 7. OPTION TO BUY The applicant will have the option to buy the affordable home at any stage during the lease term at the agreed purchase price. Rent will continue to be payable up t o closing of sale to the applic ant. 80% of the rent paid will be offset against the purc hase of the affordable home. If property i s not sold to the applicant at the end of the 3 year rental period all rent paid is non- refundable. 8. SERVICE CHARGES Dublin City Council will pay any service charges that may be levied on the affordable home while t he applicant is renting the property. When the purchas ed, any service charges payable are t he responsibility of the new owner. 9. FURNISHINGS Dublin City Council will provide furnishings for the property at no extra cost to the applicant. All furnishings provided are property of Dublin City Council until the property is sold.