Tuesday 28 March 2017

Charity plans €62m housing spend

A UK charity is looking to raise close to €62m to buy houses here with the intention of leasing them to local authorities
A UK charity is looking to raise close to €62m to buy houses here with the intention of leasing them to local authorities
Peter Flanagan

Peter Flanagan

A UK charity is looking to raise close to €62m to buy houses here with the intention of leasing them to local authorities.

Safe Haven has moved across from the UK and is focusing on the social housing market in this country. The charity, which bought its first home in Tallaght last year, tends to buy, refurbish, and lease family homes. Houses leased to local authorities in Ireland are expected to be leased for 21 years.

Unusually, Safe Haven is seeking to raise the cash through a bond rather than other forms of financing.

Ratings agency Standard & Poor's has assigned a "BBB" rating to the bond, citing Safe Haven's "strong enterprise profile and a strong financial profile".

Safe Haven was originally set up in Ealing in west London, where it mainly focused on helping needy families living with parents or friends. Some were apparently living in bed and breakfast accommodation. There, the charity provided around 200 homes to families.

In Ireland, the registered charity set up in 2013. According to its website, it is aimed at "the prevention of homelessness in Ireland through the provision of...[various forms of] housing".

Messages left with Safe Haven seeking comment were not returned.

Irish Independent

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