Social housing is a national priority in Ireland –The Government in 2020, outlined an intention to increase social housing stock by 50,000 through local authorities, AHBs and state agencies over five years.
In addition to numerous legislative, taxation and policy changes to facilitate much needed residential development generally, the Irish Government initiatives targeted at the private sector to meet social housing needs include:
Both indigenous and foreign investment in the sector is required in order to remedy the significant undersupply.
Social housing investment requires bespoke legal advice. Our lawyers have sector-specific knowledge and give clear and strategic legal advice on all aspects of social housing development including:
We help clients to navigate through the legal nuances of each social housing project in the context of the range of Government initiatives, delivery mechanisms and investment structures designed to boost social housing supply.
We bring together the requisite interdisciplinary legal support for social capital investment projects across our relevant departments – real estate, construction, planning, corporate, charities regulation, tax, financial services and public procurement.
Held in “very high regard in the industry”, the team is “extremely knowledgeable”.
Clients enthuse, “for the level of service you get along with the practical and commercial advice, we think it is super value for money."
We represent Allied Irish Banks, p.l.c. in advancing funds to iCare, a not-for-profit AHB. This included the proposed acquisition of multiple hundreds of residential properties under the Mortgage to Rent Scheme and availing of public funding from the DHPLG through the Capital Advance Leasing Facility (CALF) and associated payment and availability arrangement designed exclusively for AHBs.
We also represent Allied Irish Banks, p.l.c. in advancing funds to a vehicle backed by a commercial, real estate fund in respect of its proposed acquisition of multiple thousands of residential properties under the Mortgage to Rent Scheme and availing of public funding from the DHPLG through the Enhanced Long Term Social Housing Leasing Scheme (Enhanced Leasing) targeted at investors.
We are acting for multiple domestic and international pension, wealth funds and institutional investors in acquiring large portfolios of both one-off and multi-unit residential properties and simultaneously availing of public funding from the DHPLG through the CALF and Enhanced Leasing Scheme.
We are representing developers, investors and private equity firms regarding joint venture arrangements conducive to delivering social housing projects and transacting units opposite local authorities, the HFA and the HA for social housing supply.
We act for a significant number of large developers of residential property schemes (new, unfinished and completed) in devising the legal schemes for developments including estate management structures and disposing of bulk properties to local authorities, the HA and AHBs as part of statutory planning obligations and otherwise.
We represent many of the larger AHBs in Ireland building, buying and leasing property for social housing purposes and availing of DHPLG CALF funding.
We have experience in acting for entities leasing units from the National Asset Management Agency’s special purpose National Asset Residential Property Services (NARPS) vehicle.