People who bought homes at Priory Hall have accpected a government plan to write off their debt.
Mortgages attached to the Donaghmede apartments will be written-off, while former residents of the homes described as "fire traps" will be given pre-approval to buy a new house.
A Priory Hall Committee has held a meeting with the Taoiseach at Government Buildings to finalise the deal.
The Taoiseach he believes "the agreed Framework is a fair solution to this unique and exceptional situation which will give the residents a chance to get on with their lives".
Enda Kenny also admitted "the residents of Priory Hall are victims of one of the worst excesses of the Celtic Tiger era, and this solution recognises the exceptional circumstances they find themselves in".
Key elements of the agreed deal:
- Ownership of owner occupier homes in Priory Hall will be transferred to Dublin City Council, as well as obligations to repay the loan to the lender.
- The credit rating of the residents of Priory Hall will be restored to the position it would have been before the evacuation.
- Owner occupiers of Priory Hall apartments will have a year to complete purchase of a home
- Dublin City Council will continue to provide rented accommodation to owner occupiers for that year
- Owner occupiers will be offered a new mortgage for a property by the same bank provided it is affordable relative to their current and expected future income.
- Banks will make a contribution to the legal fees of owner occupiers in Priory Hall arising from the transactions to deliver these solutions.
- Owners of Buy-to-Let properties will be given the option of a moratorium on the mortgage for the duration of the refurbishment of Priory Hall.
- Dublin City Council will fund and oversee the refurbishment of the Priory Hall complex with support from the Government.
