Fianna Fáil TD for Louth, Erin McGreehan, has said that the inclusion of Drogheda and Dundalk in the Living City Initiative will be transformational for the county.
From today, property owners in parts of Drogheda and Dundalk will be eligible for tax relief to refurbish or convert buildings for residential or commercial use.
By incentivising the regeneration of residential and commercial properties, the scheme aims to support the development of underutilised spaces into homes and businesses, while helping to breathe new life into urban centres.
The Living City Initiative is a targeted tax incentive aimed at tackling vacancy and dereliction in urban centres, increasing housing supply through the refurbishment and reuse of existing buildings, encouraging people to live in town and city centres, and supporting the regeneration of the retail and commercial core of towns.
The scheme offers relief from income tax or corporation tax for qualifying expenditure on the refurbishment or conversion of buildings located in Special Regeneration Areas, which now include Athlone, Drogheda, Dundalk, Letterkenny and Sligo.
Speaking on the announcement, Deputy McGreehan said:
“This is a transformational day for the county, and the measures introduced provide another important tool in tackling the scourge of dereliction.
“Targeted tax schemes are an effective way of bringing properties back to life. This initiative will help increase housing supply and offer more opportunities for people to live in their hometown close to family and friends, while also breathing life back into areas that have been neglected for too long.
“I believe that the inclusion of Drogheda and Dundalk in the scheme will bring renewed energy to these towns and support them in reaching their full potential.”
The scheme, which is already in place in Dublin, Cork, Galway, Kilkenny, Limerick and Waterford, has also been extended to Athlone, Letterkenny and Sligo as part of today’s announcement.
Eligibility for the scheme has also been broadened to include residential properties built before 1975, previously limited to buildings constructed before 1915, significantly increasing the number of properties that can be brought back into use.
A new category of relief has also been introduced to support the conversion of commercial premises into residential homes, commonly referred to as living over the shop. This measure is designed to encourage the reuse of vacant space above retail units, creating new homes in the heart of communities and supporting more vibrant, lived in town centres.
For further information, reach out to Erin McGreehan.
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