The narrative of Ireland’s economic recovery following the 2008 financial crash is inextricably linked to the shadow of its housing crisis. While the country navigated austerity, a new socio-economic crisis emerged: mass mortgage arrears and a catastrophic shortage of affordable housing, leading to a surge in family homelessness and housing insecurity. In this environment of uncertainty and distress, Approved Housing Bodies (AHBs) stepped forward as indispensable partners to the State. Among them, iCare Housing CLG carved out a unique and transformative role, not only by providing traditional social housing but by pioneering a solution—the Mortgage-to-Rent (MTR) scheme—designed to address the crisis at its most painful point: the risk of losing the family home.
Established in 2017 on a not-for-profit basis, iCare Housing achieved its AHB status and immediately positioned itself at the forefront of housing stability. Its mission is clear and humanitarian: to provide social housing for people who cannot afford to provide a home for themselves. While the charity has since expanded its activities, its defining impact remains its innovative use of the MTR scheme, a complex financial and social mechanism that secures the housing futures of thousands of individuals and families who had exhausted all other options. iCare Housing is, fundamentally, a story of an organization moving beyond traditional charity models to engage directly with the sophisticated mechanisms of high finance and public policy to achieve profound social good.
To appreciate the necessity of iCare Housing, one must first understand the depth of the mortgage arrears crisis in Ireland. Following the collapse of the property bubble, thousands of ordinary households found themselves trapped in unsustainable mortgage debt. Their homes were "underwater," meaning the debt far exceeded the property's value, and loss of income made repayment impossible. For these families, the immediate threat was foreclosure and eviction, which would swell the social housing waiting lists and trigger immense personal trauma, particularly for children.
Approved Housing Bodies (AHBs), also known as housing associations, are independent, not-for-profit organisations that partner with Local Authorities and the Irish government to provide affordable rented accommodation. They are regulated by the Approved Housing Bodies Regulatory Authority (AHBRA) and the Residential Tenancies Board (RTB), ensuring governance and tenant protection. AHBs, which account for a significant and growing portion of Ireland's social housing stock, typically deliver housing through new construction, acquisition of existing homes, or leasing. iCare Housing, however, was created with a specialisation in mind, focusing on one of the most politically sensitive and emotionally charged sectors of the market: distressed mortgages. The charity’s co-founder and CEO, David Hall, had already spent years advocating for distressed mortgage holders through the Irish Mortgage Holders Organisation (IMHO), providing a deep well of expertise and a moral mandate for the new housing body.
The Mortgage-to-Rent (MTR) scheme is the cornerstone of iCare Housing's strategy, representing a sophisticated form of homelessness prevention that tackles the problem long before a family reaches the streets. MTR is a voluntary arrangement facilitated by the State where a borrower in long-term mortgage arrears, who has qualified for social housing, can switch from being a homeowner-in-distress to a long-term social housing tenant, without having to leave their home.
The process is life-changing:
This process transforms uncertainty and crippling debt into stability and a predictable financial future. As one recipient eloquently put it, after years of court appearances and fear, they could
"sleep at night now."
The scheme, while cumbersome and complex to administer, is championed by iCare for its profound social impact: it prevents the immense trauma of family eviction, maintains established community ties, and avoids the significant financial burden that emergency accommodation places on the State.
Since its founding, iCare Housing has become the largest provider of Mortgage-to-Rent solutions in Ireland. This achievement is remarkable given the scheme’s complexity, which involves navigating the legal and financial structures of banking institutions, often including so-called "vulture funds" that acquired distressed debt. iCare’s expertise and commitment to optimizing the MTR process have allowed them to secure safe, sustainable housing outcomes for over 1,800 people in communities across every local authority area in Ireland.
Their leadership is rooted in their operational efficiency and dedication. As noted in their 2019 Annual Report, iCare Housing completed the purchase of 111 homes through the scheme in that year alone, accounting for 57% of all MTR completions nationally, immediately making them the second-highest contributor despite being a relatively new AHB. This aggressive, outcome-focused approach is a testament to the dedication of the management team, led by David Hall, who, alongside a committed board of directors, established robust processes to streamline the scheme, countering its inherent complexities and time-consuming nature. For the families involved, the clarity, transparency, and assurance provided by the iCare team often contrasted sharply with their years of uncertainty dealing with financial institutions.
A critical, family-oriented feature of the MTR solution offered by iCare, often facilitated through its partnership with financial institutions like AIB, is the "buy-back option." This provision allows the tenant the option to repurchase their home at the price iCare Housing paid for the property, plus any associated costs, should their financial circumstances improve in the future. This preserves a pathway to eventual ownership, retaining a future incentive and avoiding the sense of permanent dispossession that might otherwise accompany the surrender of their home.
While MTR remains the charity’s signature solution, iCare Housing is committed to its overarching AHB mission: increasing the social housing supply in Ireland. Recognizing the severe national shortage, iCare has expanded its operations to include more traditional methods of housing delivery, focusing on scale, sustainability, and targeted impact in high-need areas.
This expansion focuses primarily on:
The success of these traditional housing ventures is supported by strong partnerships with Local Authorities (such as Dublin City Council and Cork County Council) and the Department of Housing, often leveraging state funding mechanisms like the Capital Advance Leasing Facility (CALF) scheme. Recent examples, such as the delivery of new homes in Glasnevin, Artane, and Edenmore in Dublin, or the acquisition of homes in Skibbereen, Co. Cork, demonstrate iCare’s growing capacity to deliver diverse social housing solutions beyond its core MTR competency. This dual focus ensures that iCare Housing serves both families seeking stability in their existing homes and those on the general social housing waiting list in need of new accommodation.
The ability of iCare Housing to navigate complex legal, financial, and political environments stems from its strong governance structure and its founders' background in high-stakes advocacy. The organisation operates with robust corporate governance, overseen by a dedicated Board of Directors. The Board includes highly-regarded experts in the housing sector, notably Chairperson Professor Paddy Gray, an Emeritus Professor from Ulster University and a director of numerous housing and aid organisations. Such expertise ensures that iCare's strategic decisions—from managing risk to securing corporate loans—are founded on decades of industry knowledge.
The leadership of David Hall, who co-founded the organization and serves as CEO (voluntarily, without salary or expenses), provides the organization with an unparalleled foundation in consumer advocacy. Hall’s history with the Irish Mortgage Holders Organisation (IMHO) meant iCare was immediately positioned to act as a powerful intermediary between distressed borrowers and institutional lenders. This unique relationship has been critical to the success of the MTR scheme, facilitating necessary negotiation and cooperation with major banks and financial entities.
Furthermore, iCare Housing is actively engaged in lobbying and policy influence. The organization’s public disclosures show a consistent history of engaging with the Department of Housing, Local Government and Heritage, and the Oireachtas (Irish parliament), specifically to discuss the Mortgage-to-Rent scheme, funding options, and the general prevention of homelessness. This advocacy work underscores iCare’s belief in taking a wider role in civil society, recognizing that lasting solutions require not only housing delivery but also systemic and legislative change. This commitment to transparency and advocacy ensures that iCare remains a powerful voice for the most vulnerable in Ireland’s housing debate.
The ultimate measure of iCare Housing’s success lies in the social transformation it facilitates. The organization is a crucial element in the national effort to safeguard public investment and to build a stable, well-regulated AHB sector capable of large-scale social housing delivery. However, its most profound impact is the preservation of stability and hope for families.
For the over 1,800 people supported through the MTR scheme, iCare has offered more than just a house; it has provided a life-changing resolution to a financial crisis that threatened their family unit, their dignity, and their connection to their community. By acquiring the debt and providing long-term tenancy in the homes they already know, iCare breaks the cycle of debt and trauma. This innovative financial engineering—turning an unsustainable debt into an affordable, secure social tenancy—is now recognized internationally as a significant innovation in the prevention of family homelessness.
In conclusion, iCare Housing CLG represents the best of the Approved Housing Body sector in Ireland. It is an organization that demonstrated immense ingenuity by tackling the most acute phase of the housing crisis—mortgage distress—through a commercially complex but socially vital solution. By perfecting the Mortgage-to-Rent model and simultaneously expanding its commitment to new build social housing in partnership with state bodies, iCare Housing has solidified its position as a central pillar of stability. Its mission, driven by a non-profit ethos and expert governance, ensures that the ultimate beneficiaries are thousands of Irish citizens who, through iCare’s work, gain not just a key to a house, but a renewed foundation for a secure and dignified life.
Registered charity no: 20201996
