A new loan scheme for the purchase and renovation of derelict properties has been announced.
The scheme, which is an expansion of the Local Authority Home Loan and will support both the purchase and renovation of homes which are eligible under the existing Vacant Property Refurbishment Grant, is now available for use.
This is another measure to reduce the number of derelict properties in Ireland after the Vacant Homes Tax was introduced in 2023.
It applies to properties which can be lived in but have been stayed in for less than 30 days in the previous 12 months and is three times the rate of Local Property Tax.
The thought behind the initiative was that if you can’t afford or don’t want to develop a vacant property it would be cheaper to sell it to someone who will.
However it was reported that County Councils across the country are owed just over €20 million in unpaid levies on derelict properties.
There are over 700 derelict and vacant properties in Laois according to the census conducted in 2022.
Deputy Charlie Flanagan encouraged people to apply.
He said: “The Vacant Property Refurbishment Grant has been incredibly popular to date with over 8,000 applications received under the scheme so far and more than 5,000 approved.
“Now, with the Local Authority Purchase and Renovation Loan, a first-time buyer who wishes to transform a vacant or derelict property into a new home can receive a loan to fund both purchase and renovation works.
“The latest figures show that 162 applications have been received under the scheme so far in Co. Laois with 117[1] approved. Now, with the Local Authority Purchase and Renovation Loan, a first-time buyer who wishes to turn a vacant or derelict property into a new home can receive a loan to fund both purchase and renovation works.
“This reinforces the Government’s commitment to bring homes back into use in Laois, a key objective of Housing for All, while also providing another funding pathway for individuals to realise their goal of homeownership”.
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