ronan fagan
The future supply of private rented properties within the local community will be boosted by the expansion of the Vacant Property Refurbishment Grant from May 2023, local Fine Gael Minister of State, Deputy Peter Burke, stated this week.
At the time of going to press a mere seven properties were available to rent in Athlone and its immediate environs from daft.ie, the country’s leading property website and app, an indictment on the current housing situation which continues to be a major problematic societal issue at both local and national levels.
“I welcome the development which I called for due to the success of the scheme which I launched last year while in the Department of Housing and in an effort to widen the net of properties that might qualify for the grant. I have had many queries on this scheme and there is genuine interest in realising the potential in vacant properties.
“The refurbishment scheme will be extended to include properties which will be made available for rent from the May 1, as well as reviewing the grant rates applicable.
“This is extremely welcome news and builds on the extension of the scheme to vacant and derelict one-off properties in rural areas and towns throughout the county,” Deputy Burke asserted.
The current grant scheme provides for a grant of up to €30,000 to refurbish a vacant property of at least two years for use as a principal private residence. An additional top up grant of €20,000 is available where a property is confirmed to be derelict or in need of structural work. A clawback of the grant is in place if the property ceases to be used as a principal private residence before the expiration of 10 years.
“Given where we are in the housing market, at both local and national levels, and the continued pressures on supply, I believe now is the time to extend this scheme to those who wish to refurbish a vacant or derelict property and rent it out to the private market.
“I would suggest that the 10 year clawback clause remains in place to ensure the property stays in the private rental market for a period of at least a decade. This would undoubtedly open up the scheme to many more individuals and families who own a derelict or vacant property and either don’t have the financial firepower to be able to renovate it or who do not wish to live in it themselves because they are already adequately housed but at the same time don’t sell the property due to its historic family links.
“The SCSI launched a report on the ‘Real Cost of Renovation’ this week which asked for the vacant property refurbishment grant amounts to be lifted from the current €30,000 to €50,000 and it is welcome that it was confirmed that these grant rates are currently being examined ahead of the expansion of the scheme on May 1.
“To date, almost 1400 applications have been reported by Local Authorities which is hugely significant. I said when the scheme was expanded in the final quarter of 2022 to include rural one-off houses and those within urban areas that the target of bringing 2,000 derelict and vacant properties back into use by 2025 was easily achievable.
“Given this week’s confirmation of its extension to include properties being offered for rent, I believe that a doubling of this target is attainable by 2025 which would have a really positive impact on the supply of homes for rent and ownership,” Deputy Burke concluded.
