Repair and Leasing Scheme

The basis of Repair and Leasing Initiative is that repair and improvement works to suitable vacant properties are funded to bring them up to the standard for rented accommodation and the cost of the works is then deducted from lease payments over an agreed lease term.

Overview

A key component of the Rebuilding Ireland Action Plan for Housing and Homelessness is a new scheme, the Vacant Housing Repair and Leasing Initiative, which targets the delivery of social housing and also ensures that existing housing stock is used to the maximum degree possible. Waterford City and County Council have piloted and progressed the initiative with Department of Housing, Local Government & Heritage support.

The basis of the scheme is that repair and improvement works to suitable vacant properties are funded to bring them up to the standard for rented accommodation and the cost of the works is then deducted from lease payments over an agreed lease term.

Waterford City & County Council will assist property owners to develop the scope of works and also aid the property owner in the completion of the repair works. Property inspections are carried out by Waterford City & County Council staff who will identify the works required to bring the dwelling to the required standard.

Properties in all areas will be considered but particular demand is in Waterford City, Dungarvan and Tramore. Please contact Waterford City & County Council Housing Supply Section for further details or complete and return an enquiry form, available below.

What is the RLS and what funding is available?

RLS provides social housing through the renovation of vacant privately owned properties.
Waterford City & County Council or an approved housing body (AHB), provides a loan to carry out works on vacant properties to bring them up to rental standards.
The renovated home is leased to the Waterford City & County Council or AHB to provide social housing for between 5 and 25 years.
The maximum loan is €80,000, including VAT, per completed unit; 2 units max €160,000, 3 units max €240,000 etc.
The loan is offset against the monthly lease payment to the owner.
Income – lease payments maximum 80%/85% of market rent for long-term leases or 92%/95% for RAA, less offset.

Benefits to the Property Owner

Long-term lease option (5 to 25 years) or Rental Availability Agreement (5 to 10 years typically).
Waterford City & County Council or the AHB is the landlord to the tenant; no day to day maintenance (long-term lease only).
No loss of rent during vacant periods; no advertising/letting fees.
Guaranteed income for lifetime of lease.
Interest free loan up to €80,000 including VAT, per unit, for example, where a vacant pub is converted into 7 units, maximum funding of €560,000 is available. In the case of multi-unit developments, funding may be apportioned between units.
There is no limit on the number of units one property owner can provide under RLS.
Tax relief under the Living Cities Initiative may apply, where appropriate (provided that all other requirements of the Initiative are met).

What properties qualify?

Properties must be vacant for at least 12 months; and
Waterford City & County Council must decide that the units are required and suitable for social housing.

Where can I apply?

If you are interested in applying to this scheme or wish to discuss, please contact us at (0818) 102 020 and ask for the Vacant Homes Office or email us at repairandleasing@waterfordcouncil.ie

Further information on the Repair & Leasing Scheme is available here: https://www.gov.ie/en/publication/d32c4-repair-and-leasing-scheme-rls-fu…

Further information on the Living Cities Initiative is available here: Living City Initiative (LCI) (revenue.ie)

Information on the tax treatment of RLS is available on the website of the Revenue Commissioners.