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Published in Construction on 24/06/2024

Tuath Housing Launches Annual Report


CNI Editor reports

Tuath Housing delivered a record 2,482 homes in 2023, providing homes for more than 7,000 people across 16 local authorities nationwide, according to its Annual Report which was released today.

The ‘Affordable Homes Sustainable Futures Annual Report 2023’ was officially launched by Bob Jordan, CEO of the Government’s Housing Agency at Tuath’s Dublin Office on James Place East, with attendance from government officials, statutory bodies, local authorities, and professionals in the social and affordable housing sectors.

Tuath has a further 5,000 homes in the pipeline and working with its partners to invest in people, places, and communities, it now has 13,000 homes under its management. It has housed 34,000 people nationwide since the not-for-profit housing association was established in 2000.

The organisation continued its commitment to cost rental housing in 2023 and has delivered more than 450 cost rental homes to date, with an additional 2,000 cost rental homes on the way.

Tuath’s average social rent remained affordable at €68 per week, the report said, with over 99% of social rent collected. Meanwhile, the average affordable rent of €1,264 per month for cost rental properties represented a 32% discount on Open Market Rental Values.

In line with its sustainability focus, Tuath Housing also converted a disused office block in Cork City into 35 new homes, proving that there were opportunities to create homes from empty commercial spaces in urban areas.

Springville House’s evolution from a derelict 1970s office block into a vibrant residential complex in Cork City Centre was a testament to the power of innovation, collaboration, and sustainable development. 

The ambitious redevelopment project not only addressed the pressing need for affordable housing in a high demand area of the city but also exemplified a commitment to environmental responsibility and community engagement.

In 2023, further sustainability goals were reached as Tuath recorded a 7 per cent reduction in its carbon footprint. It also completed energy upgrade works on a further 185 homes under its retrofit programme as it also joined Circular Reno, a European Union funded project aiming to implement scalable biobased deep energy retrofit packages of facade and roof systems using various biobased materials.

CEO of Tuath Housing, Sean O’Connor, said, “Our Annual Report is an important opportunity to share the progress and success we’ve achieved over the past year. 

“Despite challenges posed by inflation and the rising cost of living, we have remained committed to our mission of providing high-quality housing to those in need.”

He said Tuath was making progress towards addressing the historic shortage of homes in Ireland, but this progress must be sustained.

“There will, no doubt, be many more challenges to face, but where challenges arise, they will be met with by creativity and a passionate workforce and diligent board of voluntary directors, all determined to find solutions,” he said.

Financial resilience

Financial resilience was a cornerstone of Tuath’s success in 2023, with €406 million invested in building and acquiring new homes. The historical cost value of the housing stock stands at €1.9 billion, reflecting robust financial health. Tuath also secured the first Credit Union debt facility of €25 million, reinforcing its financial stability.

The organisation also reported an impressive annual income of €134 million, and it was in a position to increase its workforce to 215 employees across its five offices nationwide.

Prof. Paddy Gray, Chair of Tuath’s Voluntary Board of Directors, said, “Tuath is a people-driven organisation, committed to first-class customer service. This annual report showcases our achievements, hard work, and investment in 2023, ensuring the continuation of social and affordable housing delivery into the future.”

Launching the reportBob Jordan, CEO of the Housing Agency expressed his support for Tuath Housing’s achievements, emphasising the critical role of approved housing bodies in addressing Ireland’s housing needs. 

“The Housing Agency would like to congratulate Tuath on the publication of its 2023 Annual Report and the progress it has made in providing good quality, secure homes that people can afford. Tuath has built upon its reputation as a leading social housing provider to play a crucial role in the rollout of Cost Rental homes. Cost Rental is already having a transformative effect on the experience of private rented tenants, in terms of housing quality, security of tenure, and professional management.”