Tuath Records 112% Increase in Turnover with Assets Valued Over €426m - Construction Network Ireland - Construction Network Ireland

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Published in Construction on 21/01/2019

Tuath Records 112% Increase in Turnover with Assets Valued Over €426m

#Tuath

CNI Editor reports

One of Ireland’s leading approved housing body’s, Túath Housing has recorded extraordinary year on year growth. The Association’s turnover increased by 35% from €23m in 2017 to €31m in 2018 on the back of a 22% increase in properties, with assets valued at over €426m, representing a 61% increase.

In 2018, €161 million was spent in building and buying 654 new homes at an average cost of €248,000. A further 147 homes were acquired through long term leasing mechanisms from public bodies and the private sector bringing the overall total number of new social homes provided to 801 in the year.

The not for profit housing charity secured €161 million in debt and government funding packages from The Housing Agency, The European Investment Bank and Allied Irish Bank on fixed terms from 10 to 25 years, coupled with Department of Housing loans.

CEO, Sean O’Connor said “The record spend was imperative in helping to house some of the thousands waiting for affordable homes. This has only been possible by working closely with local authorities, developers and funders via innovative public, private, partnerships”.

Túath is heading for another record-breaking year with 1,000 plus new social homes set for delivery in partnership with councils nationwide. Over 200 new homes have been slated for delivery by end February. 2019 will also see the start on site of 155 social and affordable apartments in Dun Laoghaire via a joint venture with Respond housing association. Túath is set to hit the 5,000 homes mark by mid-year

Túath is the fastest growing Housing Association in Ireland, with over 4,500 homes housing some 11,000 people. The Housing Association works in collaboration with every local authority in the country providing family housing in both urban and rural areas, homeless accommodation and supported housing for the elderly and people with disabilities at an average rent of €57 per week.