Initiative Could See the End of Ghost Estates & Local People Back to Work
Issued : Tuesday 12 July, 2011
Cllr Gearóid Buckley has welcomed the news that a British firm that wants to use ghost estates to train unemployed apprentices is to meet with the Minister for Housing and the Housing and Sustainable Communities Agency tomorrow.
'Equity Share Partnership (ESP) wants to use the unfinished properties to provide training and housing for the unemployed.
'This is a practical solution to a national problem. The company has begun negotiations with Nama, Fás and the banks to complete a pilot project on a ghost estate in Bandon.
'The company said it has financial backing to invest €10 million in the schemes and it hopes to begin work in December.
'The firm plans to buy the unfinished estates and take on apprentices and unemployed skilled and unskilled workers to complete them. Apprentices will continue to claim unemployment assistance, but they will be given the training necessary to complete their apprenticeships.
'Other workers will continue to claim unemployment assistance but, in return for their labour, they will be given a 20 per cent equity stake in one of the properties they have worked on. They will also have an option to rent the property and buy it later, retaining their equity for five years.
'The firm will have an 80 per cent stake in the properties and will make its profit from their sale.
'I have spoken with Michael Litman from ESP and he has informed me that they will be looking for unemployed people who are also in need of housing. He said they had successfully completed a similar project in Cambridgeshire and were very hopeful that the model would work in Ireland.
'I will ask the Town Council tonight to support this initiative, by writing to Willie Penrose, Minister for Hosing supporting the company’s bid to finish Bandon’s ghost estates, get local people back to work, enable apprentices to finish their training and offer those people in need of housing an opportunity to get a home.'
ENDS
Cllr 
