This afternoon.
Dublin Castle, Dublin 2.
Housing minister Darragh O’ Brien outlines the government’s mica redress scheme which will be capped at €420,000. Homeowners will be able to receive €145 per square foot on the first 1,000 feet of a property. The total budget
Grants To be Capped At 420,000 In Mica Redress Scheme (RTÉ)
Meanwhile…
ALOT of confusion out there regarding the 420k cap being reported
Please note: there is 2️⃣ caps
1️⃣ An absolute cap (420k)
2️⃣ A sq/ft (138 being reported 👎)The sq/ft cap is what will determine how much homeowners will have to rebuild
E.g A 2000 sq/ft house * 138 = €276k
1/
— Mica Redress (@MicaRedress) November 29, 2021
This sq/ft cap therefore needs to be updated regularly to reflect up to date market values.
It must be index linked
Otherwise, as time progresses and costs increase, homeowners will be left with larger shortfalls
3/— Mica Redress (@MicaRedress) November 29, 2021