Council seeks properties for long term leasing

Council seeks properties for long term leasing

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hOUSE MONEYLimerick City and County Council has reissued its invitation to all landlords and owners of private rented property throughout Limerick to make their property available for leasing to the Local Authority.

The Council is seeking to lease/acquire properties in Limerick City and County with a view to achieving social housing targets through a build, buy and leasing programme.

The Council is offering a guaranteed rental income over the lifetime of the leasing and rental contracts provided under three leasing/rental options, namely Leasing, RAS (Rental Accommodation Scheme) and HAP (Housing Assistance Payment).

The Council has identified a number of property types it is interested in, including bungalows (2, 3 and 4 bedroom units), two-storey dwellings with living accommodation on the ground floor and two-storey 3, 4 and 5-bed units.

Landlords and owners of private rented property interested in participating in any of the three leasing/rental type schemes being offered are being invited to submit details of their property on the Council website, www.limerick.ie, where further information on the schemes are available.

The leasing advantages for landlord and private property owners vary under the three schemes being offered by the Council:

The Leasing Scheme features a long term contract of 10-20 years, guaranteed rent or the duration of the contract/agreement (paid monthly), property returned to original condition at end of term (minus wear and tear), Local Authority houses tenants from the housing waiting list, built-in rent review, 80% market rent earnings, payment of rent during vacancies, no obligation to register with PRTB and the Local Authority retains all responsibility for repairs and maintenance.

The Rental Accommodation Scheme includes a shorter term contract (typically 4 years), direct payments will be made by the Local Authority, no rent collection or dealing with arrears, guaranteed rent for the duration of the contract/agreement (paid monthly), the landlord retains all responsibility for maintenance and tenant management, there is an obligation to register with PRTB and a two-year rent review.

Under the HAP (Housing Assistance Payment) Scheme, the landlord is paid directly (monthly) by the Local Authority, rent is collected by the Local Authority and all payments are made electronically, lower administration in rent collection and dealing with arrears.

Landlords wishing to submit details of their property or obtain further information should visit www.limerick.ie/council/property-acquisition-leasing-preliminary-assessment. Further details may be obtained by contacting the Home & Social Development Department on 061-407339/407172 and 407119.

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