31st January, 2023
New Development to Deliver 72 Cost Rental Homes
On Friday 27th January, An Cathaoirleach of Dún Laoghaire Rathdown County Council, Cllr. Mary Hanafin welcomed Minister for Housing, Local Government & Heritage, Darragh O’Brien to Kiltiernan for an official visit to the Bishop’s Gate development site, where 72 cost rental homes are currently under construction.
The new cost rental homes are being delivered by Tuath Housing, in partnership with Dún Laoghaire–Rathdown County Council, and will consist of 63 x two-bed apartments and 9 x three-bed apartments upon completion. The new homes are being funded under the Department’s Cost Rental Equity Loan (CREL) scheme, which necessitates that cost rents must be a minimum of 25% below open market values, and private finance via the Housing Finance Agency.
The average rental for a two-bed home in the Kiltiernan area is €2,400 per month and €3,200 per month for a three-bed. The new cost rental homes being delivered at Bishop’s Gate will not only provide more homes in the area , the rents will be set at €1,425 for a two-bed and €1,550 for 3-bed home, representing a 45% decrease in local market rates.
The wider Bishop’s Gate development will comprise of 203 homes in total and will contain a mix of private owned, private rental, social and cost rental housing. In addition to the cost rental homes, Tuath will also deliver a further 27 social homes on the same site and these will be allocated to people from the Dún Laoghaire–Rathdown County Council housing waiting list upon completion.
Tuath has, to date, delivered 256 cost rental homes, offering moderate income households the choice of a more affordable, long-term and stable form of rental tenure. Tuath will deliver more cost rental homes in Cork, Dublin and Louth throughout 2023 and 2024.
Minister for Housing, Local Government & Heritage Darragh O’Brien commented “Cost Rental is key to addressing the affordability and security of tenure challenges faced by renters. As we scale it up, it will help make Ireland’s housing market more affordable overall. Approved Housing Bodies like Tuath are working hard, with local authorities such as Dún Laoghaire-Rathdown, and with the support of my Department through Housing for All, to achieve a healthy pipeline so that we can deliver cost rental at scale.”
Councillor Mary Hanafin, Cathaoirleach of Dún Laoghaire Rathdown County Council, said “I welcome the delivery of these homes which are close to amenities, public transport routes, local commercial centres and the nearby Fernhill Park and Gardens. This is another vital step in providing accommodation at affordable prices to citizens of the County.”
Frank Curran, Chief Executive of Dún Laoghaire-Rathdown County Council stated “This collaboration with Tuath Housing and the Department of Housing, Local Government and Heritage will provide much needed homes at affordable prices and long-term security of tenure for the people of Dún Laoghaire Rathdown. We look forward to the completion of the first units in 2024.”
Barry O’Leary, Chief Executive Officer of the Housing Finance Agency (HFA) said “The HFA is proud to have provided financing to Tuath for 72 cost rental homes at Bishop’s Gate and it’s great to see the progress that is being made to deliver these affordable homes. We look forward to visiting the completed development and seeing residents move into their new homes.”
Prof. Paddy Gray, Chair of Tuath’s Voluntary Board of Directors said “We are delighted to be involved in the delivery of cost rental housing, and we will continue to support the Government and local authorities nationwide in the delivery of homes under this model. Cost rental homes offer security of tenure, long-term rent certainty and more choice to those struggling to find suitable rental accommodation on the private market.”