A massive one million euro was today generously pledged by the Premier/Setanta Sports Group to help Focus Ireland provide permanent homes for 40 families who are homeless.
The Premier/Setanta Sports Group will provide this funding through equity investment for stable, long term homes for families currently experiencing homelessness.
The €1 Million pledged by the Sports Group will enable Focus Ireland to access State finance schemes to allow it to purchase 40 additional homes over the next seven years* (See Editors Notes below )
Over time – as the loans are repaid to the State – this €1 Million equity investment will be recycled which will enable Focus Ireland to purchase even more homes to help tackle homelessness.
During 2018 Focus Ireland helped over 15,000 people who were either homeless or at risk and relies heavily on donations to ensure its services are always there to help families and individuals who are homeless. Focus Ireland already provides 1,200 homes across Ireland, and during 2018 delivered 153 homes for families, couples and single people.
As there are now nearly 10,000 people homeless in Ireland (This includes nearly 4,000 children) Focus Ireland said that the backing of the Premier/Setanta Sports Group is needed now more than ever. The new homes will be provided under the charity’s strategy to help tackle the growing homeless crisis. This increased housing delivery is a core part of Focus Ireland strategy and is playing a key part in its work, challenging homelessness and changing lives.
Pat Dennigan, CEO of Focus Ireland, said: “We are delighted to be working with the Premier/Setanta Sports Group over the next seven years to provide good quality and desperately needed homes for families. The need to deliver safe and secure housing is greater than ever before, and we now provide 1,200 homes across Ireland. The backing of Setanta and Premier Sports will ensure we can provide 40 additional homes through our Focus Housing Association.”
Mr Dennigan added: “We are in the middle of the worst homelessness crisis in living memory. Last year we supported a record total of over 15,000 people who were homeless or at risk. The Premier/Setanta Sports support will help our work challenging homeless and changing lives as we can provide more homes with more resources.”
Michael O’Rourke, founder of Premier/Setanta Sports Group commented, “The shift from ‘managing homelessness’ towards ending the crisis is vital as no emergency accommodation will ever replace a place to call home. There are now nearly 4,000 children homeless and we need them to be back in homes as soon as possible, and we are passionate about the work of Focus Ireland.”
“It is great we are able to partner with Focus Ireland to help fund a better future for families who are currently homeless in Ireland. By providing equity we will be responsible for increasing Focus Ireland’s provision of homes by at least 40 over the next seven years and many more homes in future years. This long-term commitment from Premier/Setanta Sports Group will help Focus Ireland to achieve its strategic objectives.”
Media Contact: Roughan Mac Namara 086 8515 117.
Caption: Pictured at the Announcement of the Premier/Setanta Sports partnership with Focus Ireland were Pat Dennigan (CEO of Focus Ireland) and Michael O’Rourke (CEO and Founder of Premier/Setanta Sports Group). €1 Million has been pledged by Premier/Setanta Sports to help Focus Ireland to provide 40 Permanent Homes over the next seven years.
The €1 Million in equity from Premier/Setanta Sports Group will enable Focus Ireland to provide 40 permanent homes for families over the next seven years.
How this works is that €25k is the average 10% equity deposit Focus Ireland has to have in place to leverage the finance required to buy a typical 2+ bedroom family unit. Once Focus Ireland has the 10% equity deposit in place this enables the charity to borrow 70% from the Housing Finance Agency and the other 20% required for the purchase of the home is funded through the City Council CALF scheme. Based on this mix, and of course subject to market and lending fluctuations – €1 Million would mean that Focus Ireland should be able to secure 40 units.
* Capital Advance Leasing Facility (CALF) offers financial support to AHBs in the form of a long term loan to assist with the financing of the construction or acquisition of units that will be provided for social housing use. This loan facility can support between 0% – 30% of the eligible capital cost of the project, where the units will be provided under long-term lease arrangements to local authorities for social housing use. https://www.housing.gov.ie/housing/social-housing/leasing/social-housing-current-expenditure-programme-Shcep
** The Housing Finance Agency was established as state owned company providing loan finance to local authorities and voluntary housing bodies for housing and related purposes. It is the equivalent of a bank but provides loans to AHB at a very competitive rate. http://www.hfa.ie〈 Back to Press Releases