Under the Vacant Housing Repair and Leasing Initiative, repair and improvement works to suitable vacant properties may be funded to bring them up to the standard for rented accommodation and the cost of the work is then deducted from lease payments over an agreed lease term.
There are a number of requirements in relation to the Initiative:
- The property must be vacant for at least 12 months
- There must be a social housing demand for the property
- The property must be assessed as being viable to provide accommodation
- The minimum lease term is dependent on the cost of repairs with a minimum lease period of 10 years and a maximum period of 20 years
- The lease payments will be based on the general terms of social leasing which is set at 80% (85% for apartments) of the current market rental rates in the property location. A further adjustment to the lease payment shall be made to off-set the cost of the repair/upgrade work until the cost of the work has been repaid
- The scope and cost of the works, and the recoupment of the cost of the works through the lease payments, are agreed between the property owner and Cork County Council
- The Initiative is not available for private renting.
Cork County Council will assist property owners to develop the scope of works and also aid the property owner in the completion of the repair works.
Property inspections are carried out by Cork County Council staff, to identify the works required to bring the dwelling to the required standard.
Click here for FAQ on Repair and Lease scheme.