547 new cost rental homes across five different local authorities, including Kilkenny’s, will be built after 100 million euro in funding was approved by the Minister for Housing.
25 units will be delivered in Kilkenny city with 25 more in Kildare, 28 in Laois, 51 in Cork City and 417 ear marked for Dublin City.
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.
Minister Darragh O’Brien says; “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.”
“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 €675m 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.”
