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Lots
LOTS for Strabane
Not only is Strabane changing, there’s LOTS going on as applications are being placed with Strabane 2000 for the Northern Ireland Housing Executive (NIHE) Living Over the Shops (LOTS) scheme under the Strabane Town Centre Living Initiative.
As from 1st January 2007, Strabane has been awarded Town Centre Living Initiative Area (TCLIA) status for a period of 5 years. The aim of this initiative is to promote Living Over the Shops (LOTS) through providing financial incentives to property owners who wish to provide rented residential accommodation in vacant or under-used upper floors above shops and other commercial premises in the town centre, as an added value contribution to town centre regeneration.
Grant Aid
Within TCLIAs the NIHE can give landlords grant-aid to:
- Convert upper floors of shop or office buildings into flats
- Convert commercial properties into flats or houses
- Renovate existing flats or houses
Grant aid is also available to owner occupiers.
Only properties within designated TCLIA boundaries are eligible.
Landlords can be given a grant of up to 75% of the cost of eligible expenses up to a maximum of £25,000 where one flat or house is created or £30,000 where there is more than one flat.
Owner occupiers can receive up to £25,000 but will be subject to a means test (Test of Resources),
Other Sources of Financial Assistance
Additional financial assistance may be available:
1. 100% Capital Allowances (Finance Act 2001)
- tax relief on capital expenditure for renovation or conversion of vacant or under used space to provide flats for rental.
- through the scheme it may be possible to save up to 40% of net costs as tax relief
2 . VAT
- reduced rate VAT may be applicable.
Contact your accountant for information.
Any property owners interested in finding out more about the Strabane Town Centre Living Initiative (LOTS) scheme or who may wish to make an application should contact Heather Torrens, Project Officer – Strabane 2000, Strabane District Council, 47 Derry Road, Strabane (Tel: 028 71382204 or email htorrens@strabanedc.com.
Back Row - Gerry McCauley NIHE, Prionsias McCaughey Planning Service
Front Row - David Brown NIHE, Andy McGarry NIHE, Cllr Jarlath McNulty, Heather Torrens Project Manager of Strabane 2000
To download the LOTS Information brochure please click here
