€1,016,656 for four housing estates in Tipperary

Posted by Alan Kelly on May 02, 2014 at 02:50 PM

I welcome the annoucement by Jan O'Sullivan TD, Minister for Housing and Planning that 86 housing developments across the country will
benefit from €10m Special Resolution Fund announced in 2014.   This has leveraged a further €12 million in finance from third parties.  Of
this €7m will come from developer/further investment and €5m will come from bonds.

I am particularly happy that four esates in Tipperary will benefit under this allocation Farmleigh in Riverstown, Cullenagh in Ballina, Caiseal na Ri in Cashel and Kilcooly Way in Gortnahoe.  A total of €247,500 has been allocated to North Tipperary, and €252,500 has been leveraged in finance from the third parties. €366,656 has been allocated to South Tipperary and  €150,000 has been leveraged in finance from the third parties.  This gives a total of €500,000 for North Tipperary and a total of €516,656 for South
Tipperary, a total allocation for Tipperary of €1,016,656.

Work on resolving unfinished estates is continuing.  The majoritiy of estates will be resolved withough public funding.  Developers and
lenders, working in partnership with local authorities are workding through resolution plans for estates.  There are a minority of estates
that need some public capital to kick start resolution and this €10m fund will achieve that.

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