One of the largest social and affordable house providers in the country, Clúid Housing has put a current €20 million cost on rectifying construction defects on its apartment stock built prior to 2013.
The housing association today also confirmed that 2024 was a record year for its house delivery at 1,525 new homes which was a 40 per cent increase on the 1,085 homes delivered in 2023.
The 1,525 new homes include the 328 homes in Airton Plaza, Tallaght, Dublin that were purchased by Clúid for €159.7 million in what is the association’s biggest cost rental scheme to date.
Underlining the growth of the social and affordable house provider, the most recent accounts for Clúid show that the book value of its land and housing properties totalled €2.12 billion at the end of 2023.
In addition, Clúid had a further €135.7 million in ‘assets under construction’ while it had loans of €1.19 billion from the Housing Finance Agency helping to fund the purchase of homes.
The Clúid spokeswoman said that “Clúid intends to deliver 1,100 new homes in 2025, with a nearly even split between our construction and acquisition programmes”.
She said “we anticipate delivering a further 1,000 homes each year thereafter.
She said the 1,525 new homes in 2024 “were made up of 876 turnkey homes and 649 homes via our construction programmes".
She said: “Each of these represents a stable, secure and affordable base for an individual or family, who had previously been in housing need, to thrive.”
As of 31 December 2024, Clúid managed 12,836 homes to 32,000 residents– 11,764 homes owned and managed by Clúid and 1,072 leased/managed only.
The spokeswoman said that “the vast majority of Clúid’s homes are 100% debt funded. The loans come from a combination of the State (CALF), and the Housing Finance Agency or private lenders”.
She said: “Regarding defects, our primary concern is resident safety, and that our homes continue to be safe, secure and comfortable into the future.
She said: “Remediation work has already been completed at a number of our schemes, with medium to low-level works completed as required.
She added: “We will continue to remediate any properties where defects are identified. The figure of €20m remains our estimate at this stage, however, we are updating this on an annual basis.
She said that Clúid “welcomes the financial support from the government via the defects schemes, as this will allow us to continue to support our communities in a variety of ways.
In 2023, Clúid recorded a surplus of €60.7m as its revenues rose by 26 per cent from €93.95 million to €117.97 million. Compensation paid to seven key personnel totalled €1 million which included €150,743 to its ceo.
