SBIA PARTNER PROFILE PERMANENT TSB
Building Affordable Family Homes a Partnership with Ó Cualann Cohousing Alliance Permanent TSB partners with Ó Cualann to support the agency’s work developing fully integrated, co-operative and affordable housing schemes in communities across the country
P
eople have always been at the heart of our business. Permanent TSB has a long history of supporting our customers and communities and we are committed to building upon this legacy. Through our commitment to Responsible and Sustainable Business we are focused on delivering on our purpose of working hard every day to build trust with our customers and playing an active role in communities across Ireland. We are a community serving the community and building strong community partnerships and working alongside charities such as Ó Cualann Cohousing Alliance is a demonstration of our purpose in action. AFFORDABLE HOUSING The housing crisis in Ireland is arguably the biggest social and economic issue that has faced the country in recent years and
the onset of the global pandemic has only amplified the challenge. In July 2020, Permanent TSB announced a three year partnership with Ó Cualann to support the agency’s work developing fully integrated, co-operative and affordable housing schemes in communities across the country. As part of the partnership, the Bank will provide €350,000 to Ó Cualann, which will be used to fund the resources required to accelerate its development plans, building more than 1,800 houses across Ireland over the next three years. The partnership, and the Ó Cualann model, is an innovative way to address the country’s housing crisis and is the first of its kind in Ireland. GROW AND SCALE The Bank recognised that the Ó Cualann model is one that has the potential to grow and scale and play an integral role in addressing Ireland’s housing crisis, while
also supporting the transition to a low carbon economy as the agency build only energy effcient, sustainable A-rated homes. Through their co-operative model, Ó Cualann deliver well-designed, top quality, energy effcient homes at an affordable price for first time buyers hoping to get on the property ladder. They are able to do this by working with local authorities to secure land at a reduced rate, while also having development levies waived or reduced. In doing this, a typical three-bedroom home (in their second scheme in Ballymun) is able to enter the market at €219,000, compared to a similar three-bedroom home that enters the market through normal channels at €350,000. The Ó Cualann model is for fully integrated housing and an excellent example of this includes the Nimble Spaces scheme in Callan, Co. Kilkenny. The development provides a mix of specially designed housing for people with physical and intellectual disabilities and general social housing units, alongside the affordable housing units.
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