Dáil Éireann Debate, Tuesday - 18 April 2023
725. Deputy Niall Collins asked the Minister for Housing, Local Government and Heritage the steps being taken to ensure that a bank (details supplied) recognises the Croí Cónaithe grant scheme; and if he will make a statement on the matter. [16710/23]
View answerPathway 4 of Housing for All sets out a blueprint to address vacancy and make efficient use of our existing housing stock. The Croí Cónaithe Towns Fund is a key initiative which underpins the policy objectives set out in Pathway Four of Housing for All.
In July 2022, the Vacant Property Refurbishment Grant was launched as part of the Croí Cónaithe Towns Fund. The grant benefits those who wish to turn a formerly vacant house or building into their principal private residence.
As part of the conditions associated with the Vacant Property Refurbishment Grant, there is a requirement that the applicant(s) will live in the qualifying property for a period of at least five years from the date of payment of the Grant. If at any time they sell the property or it ceases to be their principal private residence within ten years, they must reimburse the local authority an element of the full value of the Grant, as follows:
- Up to 5 Years – 100% of the monetary amount of the Grant;
- Over 5 Years and less than or equal to 10 years – 75% of the monetary amount of the Grant; and
- Over 10 Years – No Clawback.
An agreement must be concluded between the local authority and the applicant which contains the clawback agreement, including a charge on the property, which shall be binding on the applicant upon drawdown of the grant. The charge secures the local authority’s interest in the property. The charge document is not concluded until works are complete and prior to the grant issuing.
Where the applicant has a mortgage in relation to the property, the bank’s charge will always rank in priority.
My Department is engaging with the Banking and Payments Federation Ireland with regard to the operation of the grant and to ensure that there are no issues for applicants who are applying for the Vacant Property Refurbishment Grant.
