Pathway 4 of Housing for All sets out a blueprint to address vacancy and make efficient use of our existing housing stock. A key action under Pathway 4 was the introduction of the Croí Cónaithe Towns Fund in July 2022. The Fund provides for the Vacant Property Refurbishment Grant and the Ready to Build Scheme.
The Vacant Property Refurbishment Grant provides a grant of up to €50,000 for the refurbishment of vacant properties for occupation as a principal private residence and for properties which will be made available for rent. A top-up grant of up to €20,000 is available where the property is derelict, bringing the total grant available for a derelict property up to a maximum of €70,000. In order to qualify for the grant, the property must be vacant for 2 years or more at the time of application.
My Department publishes data on applications for the Vacant Property Refurbishment Grant on its website on a quarterly basis, which can be accessed at the following link: www.gov.ie/en/collection/4bbe4-vacant-property-refurbishment-grant-statistics/#:~:text=A%20grant%20of%20up%20to,property%20up%20to%20%E2%82%AC70%2C000
Under the Ready to Build Scheme local authorities make serviced sites in towns and villages available to potential individual purchasers to build their homes. These sites are available at a discount on the market value of the site for the purposes of building a property for occupation as the principal private residence of the purchaser.
The Exchequer expenditure for Croí Cónaithe Towns for the years 2022 to 2024 are indicated in the table below.
|
Year
|
2022
|
2023
|
2024
|
|
Exchequer Funding
|
€2.526m
|
€5.80m
|
€50.792m
|
The Croí Cónaithe (Cities) Scheme, which launched in May 2022, supports the building of apartments for sale to owner-occupiers. The Scheme aims to bridge the current “Viability Gap” between the cost of building apartments and the market sale price (where the cost of building is greater). The scheme is targeted principally at activating planning permissions already in place for such homes. Full details are available on the Housing Agency website, www.housingagency.ie/CroiConaitheCities.
The Programme for Government committed to continue the Croí Cónaithe Cities scheme to support the construction of apartments for owner occupiers. To date, 11 developments, delivering 1,182 apartments have been approved. This represents a funding commitment of up to €144.4m. The Exchequer expenditure for Croí Cónaithe Cities for the years 2022 to 2024 are included in the table below.
|
Year
|
2022
|
2023
|
2024
|
|
Exchequer Funding
|
€93,327
|
€376,582
|
€144,013
|
In accordance with the terms and conditions of the Scheme, drawdown of approved funding occurs on completion of projects and following the sale of apartments. It should be noted that apartment developments typically take between 18 months and 2 years to complete from first approval. The first units completed under the scheme went on sale in May of this year.
As such, expenditure to date has been limited primarily to administrative and legal costs in respect of these contracts but is expected to accelerate in the coming months as funding is drawdown in respect of completed units.
The Programme for Government contains an objective to continue both the Croí Cónaithe Cities and Croí Cónaithe Towns schemes and, in alignment with the ongoing National Development Plan review, the funding envelope for both schemes out to 2030 will be determined as part of the NDP process.