Phil and Ellen McDaid outside their crumbling home near Buncrana, Co Donegal. Photo: NorthWest NewsPix
It will see grants capped at €420,000 and will also be open to rental properties, if they were registered with the Residential Tenancies Board by the beginning of this month.
Up tp 7,000 homes will be covered, the majority of which are in Donegal, and will cost the Irish Government €2.2 billion.
Homeowners will be able to receive €145 per square foot on the first 1,000 feet of a property.
This will reduce to €110 for the next one thousand square feet and a sliding scale will apply after that.
SDLP Leader Colum Eastwood said: “Yesterday’s announcement represents a missed opportunity to give all those impacted the full and unconditional support they deserve.
“Houses aren’t simply just bricks and mortar; they are homes, and for many, they are retirement plans.
“The Government should review their policy to ensure complete redress for all those homeowners across the North West and to include those with holiday homes affected.
“This has consumed the lives of thousands.
“Urgent change is needed to ensure it doesn’t continue to loom large over people’s futures,” added the Foyle MP.
