Ireland's first purpose built cost rental homes are officially being opened in Dublin today.
The rents have been set at €1,200 a month, covering the cost of delivering, managing and maintaining the 50 two-bed apartments in Stepaside.
The Woodside scheme on the Enniskerry Road also includes 105 social homes and a community facility.
The scheme of 155 homes - 50 cost rental and 105 social housing - is delivered by Respond and Tuath Approved Housing Bodies in partnership with Dun Laoghaire Rathdown Council, the Department of Housing, Local Government and Heritage, the Housing Agency and the Housing Finance Agency.
‘Woodside’ in Stepaside will be managed by Respond and Tuath Housing. The homes are a mix of 1, 2 and 3 bedroom properties. All of the 50 Cost Rental homes are 2-bedroom apartments. The Cost Rental apartments will be let at a monthly rent of €1,200, a significant reduction when compared to market rents for 2-bedroom apartments in this location. The rent charged to tenants will cover the cost of delivering, managing and maintaining these homes and will not be driven by market movements.
"Ground-breaking development"
Niamh Randall, Spokeperson for Respond says: "Respond are delighted to be involved in such a unique collaboration, bringing these 50 Cost Rental Homes to people who have been caught in an impossible situation where they do not qualify for social housing yet a mortgage is out of their reach. Some tenants have been struggling to pay high rents in the Private Rental Sector.
"Cost rental is a new departure in the delivery of housing in Ireland, providing a new type of housing tenure in addition to social housing, private renting and private purchase. Respond have been advocating for some time for a sustainable and replicable cost rental model.
"We very much look forward to working with our partners to deliver additional cost rental homes around the country to those who are eligible in areas where they are needed."
Daragh O’Sullivan, Chairman of Tuath Housing says: "Tuath are proud to partner with Respond on this ground-breaking development of Ireland’s first purpose-built cost rental scheme combined with 105 high quality homes for social rent in beautiful surroundings. We were also delighted to have worked closely on the delivery of these homes with Dún Laoghaire Rathdown County Council, the Housing Agency, the Housing Finance Agency and the Department of Housing, Local Government & Heritage.
"The rent paid by tenants will cover the cost of providing, managing and maintaining the homes for decades to come, and not a cent more.
"This flagship project offers moderate income households a much more affordable, long-term and secure form of rental tenure with the added benefit that their rent will not be driven by future price hikes in the private rental market. We are pleased to be working on another six cost rental schemes and we look forward to allocating 250 properties throughout 2022 and 2023."
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