Louth County Council may be liable for loan repayments of €75m on unused land

Cllr Tomás Sharkey

Cllr Tomás Sharkey

Louth County Council could have to pay a total of €75 million over the next 25 years to repay a loan for lands bought during that had been earmarked for social housing.

The repayments, which amount to €3m per annum for the next 25 years, were revealed by Sinn Féin councillor Tomás Sharkey following this morning’s monthly meeting of the local authority.

The land was bought to build social housing units but a government decision means that there will be no new units built anymore, with councils instead using funds to acquire suitable homes that are on the market in their respective localities.

Cllr Sharkey said the current situation was not good enough though, saying: “Austerity will last for a whole generation in Louth.”

Write a Comment

Your e-mail address will not be published.
Required fields are marked*