Dublin Chamber welcomes apartment funding scheme

European Commission clears way for affordable home for owner occupiers

Dublin Chamber has welcomed a decision by the European Commission that clears the way for the funding of the Government’s scheme to progress projects with uncommenced planning applications across Dublin.

The Croi Conaithe Cities scheme is designed to help fund the building of affordable apartments for sale to owner occupiers, bridging the gap between the cost of building homes and market prices.

The funding is intended to unlock 40,000 uncommenced planning applications across Dublin that remain unbuilt due to costs outstripping market values. Funding can be up to €144,000 per unit, and developers must demonstrate there is a viability gap between what the apartment costs to build and the sales price they can achieve.

The Government’s Housing for All strategy is ambitious but with innovative thinking in schemes such as this, there will be some movement towards unlocking viable housing stock for people to live and work in Dublin,” said Aebhric McGibney; Dublin Chamber’s Director of Public Affairs. “40,000 approved planning permissions are uncommenced in Dublin due to cost and we in the Chamber are glad to see funding now approved to get the building of these much needed homes under way.”

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist