In 2011 Clúid received approval to purchase 58 high quality apartments in a well-serviced location in the Beacon South Quarter scheme in Sandyford. This represented the first private finance initiative and the first time the Housing Finance Agency (HFA) gave a loan directly to the housing association sector.
A loan of approximately 75% of the purchase price was approved by the HFA. The remaining 25% was funded from Clúid resources and a newly created Government subsidy payment, which supports the purchasing of new homes for social housing, using funding from financial institutions.
All apartments were purchased from NAMA. Thirty-four of the apartments were allocated to social housing, and the remaining 24 will be rented at market rents. This is in keeping with the Government’s objective of developing mixed-tenure communities that have the capacity to be socially and economically sustainable in the long term.
Clúid let the social housing units to tenants at an affordable rent, and rented the other apartments at market price to people with higher incomes. The income from rents is being used by Clúid to repay the loan.