The Ireland's Housing Agency announced that it intended to buy vacant houses owned by banks and investment companies with the purpose to sell the property to local authorities, which in their turn would exploite the buildings for social housing, RTE.ie reports on Monday.
Within four years, 1,600 of such houses are expected to be bought by the Agency.
The local authorities will purchase this property at cost, which will very from €140,000 to €150,000 in all Irish towns, except for Dublin, where the price might be up to over €300,000. The project is to be funded from the budget, some €70m are to be allocated to implement it.
Chief Executive of the Housing Agency, John O'Connor, specified to RTÉ's Today that only empty houses, previously used as rentals, would be bought within the framework of this program.