Funding for two social house purchases

OVER €100,000 of funding has been granted for the purchase of two social housing properties in Termon Abbey.

Capital Advance Leasing Funding of €113,000 has been allocated for the acquisition of two local Drogheda proprerties in Termonabbey.

The funding has been delivered through the Foscadh Housing Association in conjunction with the Department of Housing and Louth County Council.

This will deliver 30% of the overall cost of the project, which is the maximum amount available under the CALF scheme.

The approved housing body taking on the project is the Foscadh Housing Association, with the total scheme cost coming in at €378,000 for the acquisition and a delivery date of October 2017.

The Capital Advance Leasing Facility (CALF) launched in 2011 has the capacity to increase the supply of social homes through such co-operation. Under this initiative, an approved housing body may undertake to purchase or construct properties. Funding up to a maximum of 30% is available from the Exchequer with the balance being raised using private or HFA finance.

The properties acquired are then made available to meet social housing needs, supported by on-going revenue subsidies from the Exchequer known as payment and availability agreements. The news has been welcomed by local TD Fergus O’Dowd who said the funding would deliver one third of the overall cost of the project.