Government may financing affordable rental housing

Government may financing affordable rental housing

Taoiseach Leo Varadkar has stated that the government will consider subsidizing the construction of apartments at cheap rates.

On Tuesday, the Cabinet will examine a package aimed at lowering building costs while improving the rate at which derelict houses are restored for new housing.

"Housing for all" is working, according to a Taoiseach spokesperson, with 400 or more first-time buyers buying homes each week, the highest rate since the Celtic Tiger.

"We have the best social housing output since the 1970s, commencements are bouncing back, and we are likely to meet our overall supply target again this year."

The housing plan that will be presented to Cabinet on Tuesday builds on advice given to the Government by the Housing Commission and the Taoiseach's Housing Summit in January.

Grants for renovating unoccupied homes were announced yesterday as part of measures that Housing Minister Darragh O'Brien will present to Cabinet on Tuesday.

The change is intended to address growing building material costs and will be paid from the existing housing budget.

Property owners can apply for a €30,000 subsidy to renovate a vacant home.

A subsidy of up to €50,000 is given if a property is a derelict.

The grant system will be expanded in May to include properties built before 2007. It currently only applies to homes built prior to 1993.

The amendments will also make long-term rental properties eligible for grants. At the moment, the scheme only applies to owner-occupied properties.

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