€116m debt for Cork council as 800 affordable homes lie empty

UP to 800 homes earmarked for the affordable housing scheme have remained unsold by Cork County Council, leaving the council with a €116 million debt for the empty properties.

The Affordable Housing Partnership, set up at the height of the boom to help first-time buyers who were priced out of the market, has been left with more than 1,100 empty units around the country.

Since 2005, around 13,000 homes have been bought from developers for between 30% and 50% lower than their market value.