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The Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, has said that the completion of the first purpose-built Cost Rental homes in Ireland is evidence of affordable housing becoming a reality for citizens. He was speaking as he official opened the ‘Woodside’ development at Enniskerry Road, Stepaside, County Dublin, where 50 Cost Rental homes have been completed.
Cost Rental is a new form of secure, long-term rental tenure where homes are made available to middle-income earners at below open-market rates. The homes at ‘Woodside’ have rents of approximately 40% below open-market rates. Under Housing for All, the Government’s plan for housing, 18,000 Cost Rental homes will be provided between now and 2030.
Cost Rental housing now exists at Barnhall Meadows, Leixlip; Taylor Hill, Balbriggan; and Enniskerry Road, Stepaside. Cost Rental developments are due to be completed and tenanted in the near future in Kilcarbery Grange, Clondalkin; Newcastle, Co. Dublin; Newbridge, Co. Kildare; and Parklands, Citywest, Co. Dublin.
Speaking after meeting tenants at the Woodside development today, Minister O’Brien said:
“The delivery of affordable housing is happening and it’s making a positive difference. Ensuring there is affordable housing to rent is a Government priority. Cost Rental housing addresses the affordability challenges faced by those on moderate incomes who wish to rent a home. This model of housing provides renters with a long-term security of tenure with a rent level significantly below open-market rates. I am delighted that in the case of the Woodside development at Enniskerry Road, the tenants will pay rents set at 40% below market rents.
Minister O’Brien added:
“The tenanting of the Woodside development at Enniskerry Road is the outcome of collaboration between Dún Laoghaire-Rathdown County Council, Respond, Tuath, the Housing Agency, the Housing Finance Agency and my own Department. I want to commend all involved in making these homes a reality for those who live in them now.
“A healthy pipeline of Cost Rental housing is building up and more developments are due to come on stream shortly. These developments will provide people with secure, affordable rental accommodation, and, as we deliver at scale, will help make Ireland’s housing market more affordable overall.”
The Department of Housing, Local Government and Heritage has approved funding through the Cost Rental Equity Loan (CREL) Scheme for the development of approximately 900 Cost Rental homes, to be delivered in 2022 and 2023 by Approved Housing Bodies. An average of 2,000 homes will be provided per year, by the AHBs, local authorities and the Land Development Agency (LDA) between now and 2030. Where State funding is made available, rents are targeted to be delivered at 25% below market rates.
• Cost rental is a new form of tenure in Ireland where residents pay rents that are solely based on the cost to build, manage, and maintain the homes. In Budget 2022, Minister O’Brien allocated €70m to develop 700 Cost Rental homes, to be delivered by AHBs through the Cost Rental Equity Loan (CREL) mechanism. CREL covers up to 30% of the capital costs of a development and is administered by the Housing Agency, on behalf of the Department of Housing, Local Government and Heritage. The Housing Finance Agency (HFA) has also made financing available to support the remaining capital costs for delivery of Cost Rental homes.
• Eligibility for Cost Rental is targeted to address the needs of middle-income earners (below €53,000 net household income).
• The Woodside development at Enniskerry Road Project comprises 155 social and affordable homes, a community facility along with green spaces at Enniskerry Road, Stepaside, Dublin 18. The site is located near to a wide range of amenities, public facilities, schools, health services, local community and sports groups. The scheme includes 50 Cost Rental homes and 105 social homes to be apportioned between Respond (78 homes including 25 Cost Rental) and Tuath (77 homes including 25 Cost Rental). The homes are a mix of 1, 2 and 3 bedroom properties. All of the 50 Cost Rental homes will be 2-bedroom apartments. The Cost Rental apartments will be let at a monthly rent of €1,200.
• The project is the result of a collaboration between Dún Laoghaire-Rathdown County Council, the Housing Agency, Respond and Tuath Housing Associations, and the Housing Finance Agency. The Department of Housing, Planning and Local Government also provided financial support via the Serviced Sites Fund.
• Due to the new nature of the Cost Rental tenure in Ireland, which was introduced via the Affordable Housing Act 2021, previous Cost Rental housing developments to date have resulted from acquisitions by Approved Housing Bodies of completed. The Woodside development was commissioned for the purpose of providing Cost Rental and social housing.
• Approved Housing Bodies are independent, not-for-profit organisations who, alongside Local Authorities, provide housing for people on the social housing waiting list or for particular groups, such as older people or homeless people. AHBs also include housing co-operatives, which are housing organisations controlled by their members/tenants who actively participate in setting their policies and making decisions.
• Local Authorities can avail of Affordable Housing Fund (AHF) funding to deliver Cost Rental themselves, or with other bodies on their behalf.
• Under Project Tosaigh, the Land Development Agency will be providing Cost Rental homes in advance of their direct delivery of homes on their own sites over the coming years. They are also engaging in partnerships with Local Authorities, such as at Shanganagh, Co. Dublin, where it is anticipated construction on over 300 Cost Rental homes will begin later this year.