Chambers Ireland has called on the Government to expand and reform the Living City Initiative in next year’s Budget, which will be announced on October 12.

The initiative is a tax incentive scheme for special regeneration areas in Cork, Dublin, Galway, Kilkenny, Limerick and Waterford.

Under the scheme a person can claim tax relief for refurbishing or converting residential or commercial properties.

In addition, the business lobby group is calling for the introduction of a National Urban Strategy to address vacancies in towns and cities.

It is also asking the Government to introduce greater incentives to enable ‘brownfield’ developments – land that has previously been developed and has potential for redevelopment.

In order to address the housing crisis, Chambers Ireland says the Government should introduce a targeted, time-sensitive reduction of construction Vat for affordable, high-density building of new apartments in cities.

In its pre-Budget submission, it also said the Government should look at introducing a legislative framework that supports shared property ownership models, such as the co-operative and co-housing legal structures seen in the Netherlands and Denmark.

Chambers Ireland chief executive, Ian Talbot, said:
“As a priority, we must ensure that Budget 2022 supports urban recovery and tackles vacancy, both residential and commercial.

“This approach will be imperative to ensure that sustainable cities and communities can thrive and local economies can prosper. 

“To deliver on this, we want to see the Government publish and resource a National Urban Strategy that will deliver for towns and cities across the country,” Mr Talbot added.

There will be around €1.5bn for tax cuts and new spending measures in next year’s budget, according to forecasts set out the Government’s Summer Economic Statement.

The economic statement predicts significant economic growth over the coming four years which will allow for more spending and tax cuts.

Chambers Ireland, which has 40 member chambers, is made up of local business representatives across the island of Ireland.

The lobby group has a network of Chambers of Commerce in every major town and region in the country.