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Priory Hall
"We can finally put Priory Hall behind us" - deal is reached on apartment complex
Residents will be offered new mortgages, as well as being given 12 months to find a new house.
NEARLY TWO YEARS to the day that they were evacuated, the homeowners at Priory Hall have been given a solution.
The framework, which was proposed on Monday, has been agreed by residents at the Donaghmede complex.
The Residents Committee said that they were “looking forward to moving on” with their lives and paid tribute to the local representatives who had helped them.
We can finally put Priory Hall behind us.
“We have raised a number of concerns with the government and have received concrete assurances from senior members of both the Taoiseach’s office and the Department of the Environment that the two year deadline imposed will be adhered to and that the new development will be built to a high quality.”
“We would like to thank the Taoiseach and his department for working with us to reach a fair resolution for the former residents.”
Finally we would like to thank Stephanie Meehan. A little over a month ago she made the brave decision to speak out about the death of her partner Fiachra Daly. It was her strength and dignity that made this government finally take notice of the national disgrace that is Priory Hall. The price she has paid is more than anyone should have to bear and every resident owes her a debt of gratitude we can never repay. We have no doubt that Fiachra is proud of her.
The framework
Under the deal:
- Ownership of owner occupier homes in Priory Hall will be transferred to Dublin City Council, as well as obligations to repay the loan to the lender under the mortgage.
- The credit rating of the residents of Priory Hall apartments will be restored to the position it would have been in prior to evacuation of the complex.
- Owner occupiers of Priory Hall apartments will have a twelve month period in which to complete purchase of a home.
- Dublin City Council will continue to provide rented accommodation to owner occupiers for the twelve month period
- The owner occupiers will be offered a new mortgage for a property by the same bank provided it is affordable relative to their current and expected future income.
- Owners of Buy-to-Let (BTL) properties will be given the option of a moratorium on the mortgage for the duration of the refurbishment of Priory Hall, with repayments to re-commence when refurbishment of Priory Hall has been completed.
- Dublin City Council will fund and oversee the refurbishment of the Priory Hall complex.
Former senator Dr Martin McAleese will oversee the implementation of the framework, heading up an oversight board comprised of Priory Hall residents, the Irish Banking Federation, Dublin City Council and relevant Government Departments and agencies.
The Taoiseach Enda Kenny said that the plan was fair.
“I believe that the agreed Framework is a fair solution to this unique and exceptional situation which will give the residents a chance to get on with their lives.
The residents of Priory Hall are victims of one of the worst excesses of the Celtic Tiger era, and this solution recognises the exceptional circumstances they find themselves in.
“I would like to thank the residents for the constructive manner in which they have engaged with the resolution process established by Minister Hogan three weeks ago.”
Read: Hogan hopes Priory Hall proposals will be seen as ‘balanced, equitable and fair’
Read: “Breakthrough” as Priory Hall residents are offered a deal
