Thread by @MicaRedress

MORE confusion today about #micaredress caps... An explainer:

Govt have proposed 2 caps

1️⃣ A 420K absolute cap
2️⃣ A sq/ft based cap (this has a sliding scale I'll explain later)

Nearly all homes will need to work on the sq/ft cap, which will result in WAY less than 420k

1/

The sq/ft cap is supposedly based on independent SCSI expert figures.

In March 21, SCSI said average cost to REBUILD a house in NW was 138 per sw/ft

So a 2000 sw/ft house would have a grant of 2000 * 138 = 276k in this simple example.

2/

HOWEVER, Govt have proposed a sliding scale for the sq/ft cap where:

145 per sq/ft for first 1000 sq/ft
110 per sq/ft for next 1000 sq/ft
100 per sq/ft for remainder

So in this instance it would be
(1000 * 145) + (1000 * 110) = 255k

3/

The issue: the 138 per sq/ft defined by SCSI is out of date due to recent price increases.

First 40 houses on current scheme had average of 150 per sq/ft (defined by Donegal County Council). So real cost of 2000 sw/ft house is:

150 * 2000 = 300 k

4/

The even bigger issue: Govt's sliding scale leaves the owner of a 2000 sq/ft scheme short by 45k compared to real market prices

This is the issue homeowners have... Govt say this is 100%. But it is not even near it when compared to real world pricing