CHA has been working with the initiative for some months and has reached the point of exchanging contracts for 7 properties in Cork City and County. The families involved are hugely relieved to think they will be able to remain in their homes. They are also agreeable that the houses will be bought by CHA and that they will become permanent tenants at Council rentals. CHA has plans to undertake energy retrofits to all the houses, once secured.AIB has made a loan offer on 75% of the purchase cost but placed a condition that we raise 25,000 EUR to be paid as deposit on the purchase. I believe this is intended to ensure that CHA has some financial margin should unexpected costs arise (i.e. one of the houses need extensive repair) that might obstruct it’s capacity to repay the loan. The loan will be met by payments made to Carbery HA from Cork City and County Councils, in exchange for housing the families concerned. This requirement is proving more difficult than it seems as Carbery HA is a small voluntary group and not experienced in large scale fund raising.Some financial support has been awarded by the St. Stephen's Green Trust which has allowed the fund- raising campaign to begin. At this stage, 1000 copies of the leaflet (above) are being distributed to local businesses and individuals and a variety of activities are planned for the coming months, including a benefit “gig" on Sunday August 16th at the West Cork Hotel.
We would welcome any help or ideas that you might be able to offer. You are probably involved in many causes, but I think you will agree that there is great need for good quality housing for people who cannot afford the market.