For homeowners and investors in city-centre locations, especially in Cork, the Living City Initiative (LCI) is a compelling incentive. It’s less known than direct grants but can have significant financial benefits when refurbishing older buildings in designated “Special Regeneration Areas”.

Here’s why it matters:

  • What is the LCI? The scheme provides tax relief (income tax deductions or capital allowances) on qualifying refurbishment/conversion expenditure for properties in designated city-core regeneration areas (including Cork).
  • Key criteria: The property must be in a Special Regeneration Area (SRA). For the residential element, the building must have been built before 1915 in many cases. Works must be carried out within the qualifying period (up to 31 December 2027).
  • Types of relief:
    • Owner-occupier residential relief: deductions over several years.
    • Rented residential relief (landlord)
    • Commercial/retail relief for conversion of buildings for business use.
  • How Sigma Homes helps:
    • Assess whether your property falls into the SRA and meets construction/age criteria.
    • Plan the refurbishment to ensure expenditure qualifies (eg, conversion costs, professional fees, eligible works).
    • Coordinate with accountants/tax advisors for proper documentation of relief claims.
    • Manage the build, finishes and compliance, so the property attains its new use (residential or rental) and benefits from the relief.
  • Why it’s valuable: The relief effectively reduces tax on refurbishment cost, increasing your net return on investment or lowering cost of ownership. In areas like Cork the uptake has grown and contributed to re-activating city-centre living.
  • Considerations & tips:
    • Ensure the works are commenced and expenditure incurred within the scheme’s qualifying period.
    • Keep detailed records of costs, planning/building approvals, contractor invoices.
    • Engage a refurbishment specialist early so the scope of work aligns with scheme eligibility.
    • Consider the building’s heritage status or any architectural conservation area – these may add complexity (and opportunity) that your contractor needs to manage.

Conclusion: If you’re looking at regenerating a historic city-centre property – whether for your own home or as a rental/investment – the Living City Initiative offers a smart financial lever.

Please note: There is a limited to the type of properties Sigma Homes can work on.