The Croí Cónaithe (Cities) Scheme supports the building of apartments in urban cores for sale to owner-occupiers. The Scheme aims to activate the supply of units which otherwise would not be delivered due to viability challenges by providing funding support to bridge the current "viability gap" between the delivery cost of building apartments and the market sale price (where the cost of building is greater). 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 when the final viability gap is confirmed. 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 last year.
To date four Calls for Expressions of Interest in the Scheme have been held. 21 developments have been formally contracted with 4 further proposals approved recently, delivering more than 2,660 apartments. As set out in the table below, this represents a total funding commitment of more than €320m.
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Croí Cónaithe Cities EOI Call
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Units Approved (to date)
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Associated Funding Commitment (€000)
|
|
1st Call
|
425
|
56,379
|
|
2nd Call
|
215
|
14,667
|
|
3rd Call
|
976
|
117,120
|
|
4th Call
|
1,046
|
132,930
|
|
|
2,662
|
321,102
|
The Housing Agency continues to assess applications and the Programme for Government contains an objective to continue the Croí Cónaithe (Cities) Scheme