Dáil Éireann Debate, Friday - 7 September 2018
1394. Deputy John Curran asked the Minister for Housing, Planning and Local Government the way in which the cost rental housing scheme at a location (details supplied) in Dublin 8 will operate; the persons that will be eligible to rent these properties; the amount below market rents they will be rented for; if funding for this project can be considered off balance sheet; and if he will make a statement on the matter. [36514/18]
View answerThe Emmet Road/St. Michael's Estate site in Inchicore has been selected as the location for Dublin’s first major Cost Rental development. It is an excellent site in the ownership of Dublin City Council that is suited for a mixed tenure approach. Under the Cost Rental model, minimising profit, land costs and other costs and securing very competitive EIB financing mean that much more affordable rents can be achieved than can be delivered through market arrangements. The on/off balance sheet position of the project will be influenced by the final delivery and financing arrangements.
While the final tenure mix will be decided by the Council and informed by the detailed site development process, it will include 140 social housing homes, with the remaining 330 homes predominantly provided under cost rental.
The final rents will be set after all associated costs are determined, following on from the competitive construction and management tender processes, and I expect that the cost rental scheme should be able to deliver rents of between of 15% to 25% below the market rate. The scheme will be aimed at households earning low to moderate incomes at a maximum of €50,000 for single applicants and €75,000 for dual applicants.
