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  • Southside

First-ever Cost Rental project is launched

Tuesday, 24th September, 2019 1:00pm
First-ever Cost Rental project is launched

John O’Connor (Respond), Declan Dunne (Respond), cathaoirleach Cllr Shay Brennan, Minister Eoghan Murphy, Sean O’Connor (Tuath), Darragh O’Sullivan (Tuath), Robert Nicholson, (Department of Housing) and Catherine Keenan ( Dun Laoghaire Rathdown County Council) at the sod-turning event.

First-ever Cost Rental project is launched

John O’Connor (Respond), Declan Dunne (Respond), cathaoirleach Cllr Shay Brennan, Minister Eoghan Murphy, Sean O’Connor (Tuath), Darragh O’Sullivan (Tuath), Robert Nicholson, (Department of Housing) and Catherine Keenan ( Dun Laoghaire Rathdown County Council) at the sod-turning event.

A GROUNDBREAKING project consisting of 105 social homes and 50 two-bedroom Cost Rental homes has been launched on the Southside.

Minister for Housing, Planning and Local Government, Eoghan Murphy, and the cathaoirleach of Dún Laoghaire Rathdown County Council, Cllr Shay Brennan, turned the sod on the first-ever Cost Rental development in the State at Enniskerry Road, Stepaside recently.

Under Cost Rental rents charged cover the cost of delivering, managing and maintaining the homes. As the rent paid by the tenant in a Cost Rental tenancy is designed to only cover the actual costs, rents will not be driven by market movements.

Respond and Tuath Housing Associations are delivering the scheme in partnership with Dún Laoghaire Rathdown County Council on land provided by the Housing Agency under the Land Aggregation Scheme.

This first Cost Rental pilot project under Rebuilding Ireland is the result of an innovative collaboration between Dún Laoghaire Rathdown County Council, the Housing Agency, the Housing Finance Agency, the Department of Housing, Planning and Local Government, Respond and Tuath Housing Associations.

The development value of the 155 homes and the community facility is in the order of €55 million and includes construction works, design fees, development levies and VAT.

Tenants will pay €1,200 per month to live in the two-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 two-bedroom apartments in this location. The new homes will be delivered in 2021.

Minister for Housing, Eoghan Murphy, 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.”

Cathaoirleach, Cllr Shay Brennan, added: “This project on Enniskerry Road delivers 155 much needed social and affordable homes with integrated community facilities. It is a landmark development.”

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