Minister Noonan outlines benefits of Living City Initiative for Kilkenny – FitzGerald

Fine Gael Bye Election candidate, Cllr David FitzGerald speaking today (Wednesday) in Kilkenny with Minister for Finance, Michael Noonan discussed the Living City Initiative launched by his Department. Cllr FitzGerald welcomed both the residential and t he commercial elements of the initiative which will see a boost in development of ‘Special Regeneration Areas’ (SRAs) in Kilkenny City.

“The Living City Initiative, announced by the Minister for Finance, Michael Noonan, is a scheme of property tax incentives which will protect our architectural heritage, encourage sustainable development and the re-use of our urban historic areas.

 “The commercial element provides for capital allowances over a seven year period. Business owners can claim for qualifying expenditure on the refurbishment or conversion of a property in an SRA up to €200,000” said Cllr FitzGerald.

“For residential properties, those who refurbish an SRA can claim tax relief. For example, those who spend €100,000 refurbishing a historic building can claim €10,000 each year for the next ten years.

“I am also very pleased that there is no restriction on applying for both the commercial and residential elements of the initiative, meaning business owners can refurbish their business and upgrade a home attached to the property. This is an important initiative which will increase the supply of housing for couples in urban Kilkenny.

“Enhancing the quality of our city improves the lives of those who work and live in the urban environment, and helps to attract investment.

“Kilkenny is a medieval city with many beautiful buildings. This initiative will encourage young people and new businesses to establish themselves in the city. I am confident this will have a positive knock-on effect.”