So the state pays the following:
1. 30% of purchase price (Balance funded by AIB loan)
2. State pays full rent to icare, forever
3. If the tenant doesn't pay the low amount of rent to the LA it just goes onto the amount that is constantly outstanding
4. State pays for all repairs
5. State is exempt from RTB
What does iCare get:
1. 19 properties, with another 600 to come on stream (second biggest landlord in the country)
2. Full rent
3. No property costs
4. Can sell the properties in time at a profit
5. Do they pay rental income tax? Does being a charity affect this?
6. Doesn't have to deal with the tenancy as that's up to the LA
7. No oversight by the RTB as they are not the landlord
8. Employment forever running iCare.
What does the property owner get:
1. They lose their house
2. They can live in it for a minimum amount
3. They are allowed purchase it for the price iCare paid for it
What does the bank get:
1. They get rid of their most problematic cases
2. No bad publicity for evicting families
3. Their books look better
What does the media get:
1. A lovely happy story, bad bank, good guy Hall, family stays in home.
Where can all this go wrong taxpayers?
1. 30% of purchase price (Balance funded by AIB loan)
2. State pays full rent to icare, forever
3. If the tenant doesn't pay the low amount of rent to the LA it just goes onto the amount that is constantly outstanding
4. State pays for all repairs
5. State is exempt from RTB
What does iCare get:
1. 19 properties, with another 600 to come on stream (second biggest landlord in the country)
2. Full rent
3. No property costs
4. Can sell the properties in time at a profit
5. Do they pay rental income tax? Does being a charity affect this?
6. Doesn't have to deal with the tenancy as that's up to the LA
7. No oversight by the RTB as they are not the landlord
8. Employment forever running iCare.
What does the property owner get:
1. They lose their house
2. They can live in it for a minimum amount
3. They are allowed purchase it for the price iCare paid for it
What does the bank get:
1. They get rid of their most problematic cases
2. No bad publicity for evicting families
3. Their books look better
What does the media get:
1. A lovely happy story, bad bank, good guy Hall, family stays in home.
Where can all this go wrong taxpayers?
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