Minister for Housing, Local Government and Heritage, and Fingal’s local TD Darragh O’Brien, have given approval for just over 2 million euros in funding under the Rental Investment Loan (CREL ) for 14 new rental units in Donabate, North County Dublin.
The houses to be delivered in Dunrovin, Cobbe Court, Donabate, will consist of one and two bedroom apartments and will be let to tenants at rates approximately 30% below the local market rate.
Commenting, Minister O’Brien said: “The delivery of rental units is underway and it is making a positive difference. Cost Rental is a new form of accommodation in Ireland. The rental cost is supported by the state and the rentals are long term and secure. Tenants are charged rent that covers the cost of delivering, running, and maintaining a home only, making homes more affordable.
“These 14 Cost Rental homes in Donabate represent just one ongoing development in Fingal. To date I have given my approval for 209 rental homes in North County Dublin, backed by €22m, with the Land Development Agency (LDA) set to deliver hundreds more across our area .
The Minister added: “This development will provide families and individuals with safe and affordable rental accommodation and, as we deliver more of this accommodation at scale, will help to make the Irish housing market more affordable overall. “
The minister said that under the ‘Housing for All’ scheme, ‘a healthy pipeline of cost-priced rental accommodation’ is being built and further developments are expected to come on stream shortly.
Minister O’Brien said he wanted to commend Tuath Approved Housing Body (AHB) for coming up with this development.
Rental housing is for middle-income people who are above the social housing threshold but have difficulty affording private rental accommodation in Ireland.
Cost renting provides long-term security of tenure, so people can rent the same unit indefinitely. Housing is delivered by approved housing organizations (AHB), local authorities and the Regional Planning Agency.
Under its ‘Housing for All’ scheme, the government aims to deliver 18,000 rental homes by 2030. ‘Housing for All’ sets out the housing plan for Ireland up to 2030.
Rental housing regulations are set out in the Affordable Housing Act 2021.