Drogheda and Dundalk are among five new towns officially added to a tax relief scheme aimed at tackling vacancy and dereliction.
The Living City Initiative now includes the two Co Louth towns, as well as Athlone in Co Westmeath, Letterkenny in Co Donegal and Sligo.
From today, property owners in specially designated parts of the five towns will be eligible for tax relief to refurbish or convert buildings for residential or commercial use.
The scheme will be open to properties within a ‘Special Regeneration Area’ (SRA) map and which meet other criteria.
The maps were submitted by the relevant local authorities and highlight central urban areas in need of regeneration, and where there are high levels of vacancy, dereliction and underuse.
The area in Drogheda outlined in red on the map is specified as a Special Regeneration Area
The SRA’s also have a strong stock of older buildings that can be brought back into use.
Tánaiste and Minister for Finance Simon Harris signed orders to formally designate the five additional towns under the Living City Initiative.
The scheme is already available in Dublin, Cork, Galway, Kilkenny, Limerick and Waterford.
The Tánaiste said the expansion of the scheme is about supporting regeneration, bringing vacant and derelict buildings back into use, increasing the supply of homes and rebuilding the social and economic fabric of our town centres.
“By supporting refurbishment and encouraging ‘living over the shop’, we can create more homes in our towns, reduce vacancy, and restore vibrancy to our main streets.
“I want to see people living again in the hearts of our towns and villages. This initiative is a practical step towards making that happen.”
The Initiative is in place until the end of 2030 and includes residential properties built before 1975.
It is available to people refurbishing properties for use as their main residence, as well as allowances to support investment in rental housing and commercial premises.
A new category of relief was also introduced in the last budget to support ‘living over the shop’, and encourage the use of vacant space above retail units. There is no building age restriction in this category.