Ireland: Charity to pay €3m for McGregor's social housing development - PressFrom - United Kingdom
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IrelandCharity to pay €3m for McGregor's social housing development

09:00  16 june  2019
09:00  16 june  2019 Source:   independent.ie

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Social Housing magazine provides finance news and business intelligence for housing sector professionals. Social Housing Finance Conference 2019 was a huge success and our biggest to date! This year' s conference attracted over 400 senior finance leaders from across the housing sector.

“As the social rented sector contracts, private housing may have replaced it as the main tenure for people in housing need. Delays in payment have made them more reluctant to take on people they cannot rely on to pay up promptly. Other factors make it near-impossible for many on low incomes to

Charity to pay €3m for McGregor's social housing development DEAL: Conor McGregor posted a photo of himself at the North Dublin development on his Instagram account

A housing charity is set to pay more than €3m for a development fronted by mixed martial arts fighter Conor McGregor, the Sunday Independent can reveal.

Mr McGregor took to social media last month to reveal his involvement in a social housing project in North Dublin which he said was being built for "families that currently reside in hotels around the capital".

This newspaper has now learned the eight houses were offered by development company Sycamore Residential Homes, which is linked to the controversial UFC fighter, to Tuath Housing for around €420,000 each in January 2018. Two sources with knowledge of the deal confirmed the figures involved.

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It is understood when Sycamore approached Tuath Housing with the offer, the company made no mention of Mr McGregor's involvement in the project.

After receiving the offer from Sycamore, Tuath contacted Dublin City Council to establish whether social housing units were needed in the Santry area. The council confirmed housing was required. In June last year, Tuath then submitted an application to the Department of Housing seeking funding for the houses.

The Department approved funding for the project through the Capital Advance Leasing Facility which allows approved housing bodies apply for up to 30pc of the costs of a development. The funding was approved last August.

Approved housing bodies can also apply to the Housing Finance Agency for additional funding.

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Charity Navigator is the largest and most-utilized evaluator of charities in the United States providing data on 1.8 million nonprofits and ratings for close to 10,000 charities .

More than 70,000 face average rise of more than £1,000 a year under scheme to ensure supposedly high earners pay market rent.

In a statement, Tuath said they are currently in discussions with Sycamore Homes to acquire eight houses in Santry, Dublin.

"The purchase of the properties is supported by Dublin City Council.

"The properties will be acquired using debt finance," the charity said.

"The houses will be let to families from Dublin City Council's housing waiting list at a social rent. Tuath welcomes the opportunity to provide these high-quality new homes," it added.

When first contacted by Sycamore, Tuath carried out a standard due diligence check on the company but it did not reveal any link to Mr McGregor.

However, company records show one of the directors of Sycamore Residential Homes, Alan Geraghty, is involved in four of the fighter's other businesses including McGregor Sports and Entertainment Limited, Congregor Investments Limited, the Maclife Limited and Maclifefast Limited.

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The Housing Assistance Payment (HAP) is a form of social housing support for people who have a long-term housing need. HAP will eventually replace long-term Rent Supplement. HAP has been rolled out on a phased basis and, with effect from 1 March 2017, is now available in all local authority areas

Public housing developments provide affordable homes to 2.1 million low-income Americans. Most tenants pay 30 percent of their income (after certain deductions are taken out) for rent and utilities. Housing agencies can choose to require families to pay a minimum rent of up to even if this is

Mr Geraghty and fellow Sycamore director Paul Monaghan run financial services firm G Squared Capital Partners. Mr Geraghty and Mr Monaghan did no respond to requests for comment.

Company records also show a mortgage from Sancus Ireland Limited registered to Sycamore.

Sancus is a financing firm with offices in the UK, Ireland, Jersey, Guernsey, Gibraltar and the Isle of Man.

Sancus chief executive Andrew Whelan said the company had "no comment" to make when contacted.

Mr McGregor's publicist also did respond to requests for comment.

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