Ghost estate bought from NAMA to house families on waiting list
A GROUP has bought an unfinished estate from NAMA to house people on waiting lists in the first project of its kind in the country.
Locals, some of them languishing on housing lists for years, are to be given houses within 12 months in the country's first NAMA social housing project.
Housing association Respond will buy 55 units of an unfinished housing estate at Oakley Wood, Tullow, Co Carlow from NAMA for €2.5m.
People will be taken off the housing list and families will pay between €24 and €84 per week for the homes.
The current average rental cost of a three-bedroom property in Tullow is €450 a month.
The homes were built by Neville Builders Ltd between 2005 and 2008 -- the construction company is currently under the umbrella of NAMA.
Though the acquisition costs through NAMA are €2.5m, the full amount for the entire development will not be known until all the homes are completed. The housing estate originally had planning permission for 111 units of which 63 were built. Eight are currently occupied.
The 55 remaining units are in various stages of incompletion: several are almost complete while others require significant work.
The homes are divided into eight, two-bed units, 37 three-bed, and 10 four-bed.
A tendering process for the completion works is expected to be finished by early August and work will begin on the site soon afterwards.
Respond intends to apply to the Department of the Environment for up to 25pc of the cost of the development through its Capital Advance Loan Facility.
It will then borrow the remaining money from the banks.
There are currently 93 people on the Tullow Local Authority housing list, a number of which have been languishing on the list for years.
Respond has already provided some 50 dwellings in the Tullow area at a cost in excess of €5.2m at Slaney View and Francis Farm estates.
This project will bring that number of dwellings to 105 and provide 40 jobs.