Leeann | December 12, 2019

We have commenced works on the state’s first cost-rental housing scheme. The scheme will provide rental accommodation near Sandyford at below market costs. The works include the construction of 155 dwellings, consisting of 30 No. 1 bed apartments; 77 No. 2 bed apartments; 18 No. 2 bed duplex units; 4 No. 2 bed houses; and 26 No. 3 bed houses. In addition, works will also include the construction of a resource centre, underground car-park; and associated site-works, landscaping and services. 

105 of these apartments will be used to provide social housing, and 50 will be rented to low- and middle income workers at prices up to 30% below market rents for the area, under the new pilot cost rental scheme. Workers earning up to €50,000 and €75,000, as a couple would be eligible for the scheme. The rent will be linked to the cost of the build, and will remain stable despite any market increase.  Tenants will pay €1,200 per month to live in the 2-bedroom Cost Rental  homes delivered as part of this project. The rent of €1,200 per month , which is based on the cost of delivering and maintaining the homes, is a significant reduction when compared to market rents for 2-bedroom apartments in this location. Funding is being provided through the Housing Finance Agency and the Department of Housing, Planning and Local Government. 

Minister for Housing, Planning, and Local Government Eoghan Murphy T.D & Cathaoirleach Cllr. Shay Brennan officially turned the sod on the housing development on the 10th of September. Minister for Housing, Planning, and Local Government Eoghan Murphy T.D. commenting on this development said:

I am very pleased to formally mark the commencement of construction on this important site. Not only will the project deliver the first 50 Cost Rental apartments in this new category of housing in Ireland, it will also provide 105 social housing homes as part of our ongoing efforts to meet ambitious targets in this sector. Cost Rental will provide affordable homes to middle- and lower-income earners at a cost to residents that is significantly below market rates.  Work is underway within my Department and with a range of State agencies to complete a national policy framework for Cost Rental that will detail the optimum means of delivering units at scale, and set out the structures for its operation. This is both the first Cost Rental project to commence construction on a national basis. It is also the first project to receive funding under my Department’s innovative Serviced Sites Fund, which has made available € 310 million in grant funding for infrastructure works to support the provision of affordable housing. The lessons that will be learned through this pilot project will be important in helping to shape this model into the future. I would like to commend the work of Dún Laoghaire-Rathdown County Council, the Housing Agency, Respond and Tuath, in getting the project to this stage, and am delighted to see such progress on the site to date.”

 

The new homes will be delivered in 2021, the works are expected to take 24 months to complete.

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