Notice

Urgent fundraising appeal to keep families in their homes. 

Carbery Housing Association (CHA) is an association of local people, coming together to develop and provide housing and associated amenities,  for a range of households that were excluded from the housing market, on the basis of partnership with local authorities and community organisations, and aiming at a high level of energy efficiency and sustainability. CHA is currently manages properties secured on long-term leases from private owners, and rented to families nominated by the local authority from their housing list, at means-tested "council-equivalent" rents.  CHA has applied and been approved as an Approved Housing Body (AHB) for the Government's Mortgages to Rents Initiative, where owner-occupiers who are unable to repay their mortgages can opt for mortgages being transferred to an AHB, on the understanding that they will remain in their homes as permanent tenants of the Association. CHA is currently negotiating the purchase of 20 properties in Cork City and County under this programme

We have now come to a stage where we require your urgent support.

We have 7 properties surveyed and 13 more allocated by the Housing Agency under this Programme. The total cost of purchase of these 7 properties is 851,500 EUR. The Housing Agency (DECLG) has further agreed a subsidy of 186,435 EUR on their purchase. The AIB bank last week has issued a Loan Offer for 615,815 EUR on a term of 20 years at 4.5% interest. However, they have placed the condition on the loan that we must contribute the balance, that is 49,250 EUR out of our own funds or donations, towards this purchase, or approximately 7,000 EUR per house purchased. The reason for this is the Banks rules on loan to value ratios.

It is therefore absolutely essential for the future of these families and the project that we raise the 49,250 EUR required as soon as possible, to allow the purchases to complete any donation at this point would help CHA to purchase some or all of these properties, on the basis of one property purchased for every 7,036 EUR donation. The occupants have been waiting for some months for a decision on this, so their situation is quite pressing.  Please help us finis what we have started and help us to provide an appropriate future for these families.

We would welcome a) any donation you can make or b) any suggestions on who we could apply to for the donations required, or any way in which the additional funding could be pursued.

Please see our crowdfunding site at:  https://www.icrowdfund.ie/campaigns/community-mortgages-to-rents/

Many thanks

Jose Ospina, Secretary