Press release
Minister O’Brien approves over €100 million funding for almost 550 new affordable cost rental homes
From Department of Housing, Local Government and Heritage
Published on
Last updated on
From Department of Housing, Local Government and Heritage
Published on
Last updated on
The Minister for Housing, Local Government and Heritage, Darragh O’Brien, has announced funding approval to deliver 546 new cost rental homes across five different local authorities. The funding will further increase the supply of affordable secure rental homes in high demand areas across Ireland.
Minister O’Brien emphasised:
“The affordable cost rental homes delivered to date have been extremely popular with most schemes oversubscribed. The high demand is a clear indication of the success of this form of housing and the effectiveness of our cost rental approach. It’s vital that we scale up supply, and approvals such as these are ensuring we can do just that.
“Cost rental means affordable rents – it means security of tenure, it means top quality homes and perhaps most importantly it means peace of mind for tenants, allowing them to establish roots in an area and plan for the future.”
The funding announced today will provide for the following developments:
Minister O’Brien added:
“Cost rental is just one of a number of options this government has introduced to bring affordability back to the heart of our housing system. Over €675 million has already been approved to assist in the delivery of over 3,250 Cost Rental homes across 12 local authority areas. Today’s announcement serves as an additional boost to the pipeline of new, cost rental homes.”
Housing for All seeks to provide affordable homes to purchase and rent. Under the cost rental scheme, rents are a minimum of 25% below comparable market rates for the area with some developments achieving discounted rates of up to 50%. Through these reduced rates, cost rental addresses the affordability challenges faced by some people in the housing market and helps individuals and families to find homes that meet their needs and budget.
Cost rental homes are aimed at people on middle incomes who are constrained by rents in the private rental market, but who don’t meet the income criteria for social housing support.
You qualify for cost rental housing if your net household income is below €66,000 per annum in Dublin and €59,000 for everywhere else in the country.
These homes are being financed under the department’s Cost Rental Equity Loan (CREL). The CREL is available to Approved Housing Bodies who provide cost rental homes.
Cost Rental Homes are also being delivered via the LDA and through the Secure Tenancy and Affordable Rental (STAR) Scheme.