Government loan being repaid by Peter McVerry Trust through transfer of properties
The Peter McVerry Trust, a leading Irish charity focused on homelessness and social housing, is transferring more than 50 properties worth €15 million to local authorities. This move is part of a bailout agreement between the Government and the charity, following a €15m loan provided in November 2023.
The investigations by Francis Doherty, the current CEO, were prompted by the concerns he reported to the McVerry Trust board and the regulators. His concerns led to two damning reports by the Charities Regulatory Authority and the Approved Housing Bodies Regulatory Authority.
The properties being transferred are 'unencumbered properties', meaning they were paid for by the charity's own funds. The remaining 27 properties are being valued and surveyed in preparation for transfer.
The Department of Housing has stated that 27 homes worth almost €8m will be transferred to Dublin City Council. However, the local authorities that will receive the remaining properties have not been explicitly named. Since the Peter McVerry Trust collaborates with local councils on social housing projects, it is likely that similar local housing authorities in the relevant regions will be the recipients of these properties.
The charity sought emergency funding from the State and received the bailout. The transfer of properties is a step towards recovering the emergency funding. Once all properties are transferred, the State will have recovered the €15m of emergency funding.
In addition to the property transfer, the Peter McVerry Trust leased a charity-owned house to the family of a friend of former CEO Pat Doyle, who did not qualify for social housing. A company operated by the same friend was also awarded a €200,000 per annum contract by the Peter McVerry Trust without going through a tendering process.
No new information about the timeline or completion of the property transfer was provided. However, the charity's financial situation has improved, with income in 2022 of €61.7m, around two-thirds of which came from the State.
This transfer of properties marks a significant step for the Peter McVerry Trust as it works towards addressing the housing crisis in Ireland. The charity continues to collaborate with the Department of Housing to identify and transfer unencumbered assets, aiming to provide much-needed housing solutions for those in need.
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