Dáil Éireann Debate, Thursday - 13 May 2021
262. Deputy Eoin Ó Broin asked the Minister for Housing, Local Government and Heritage the affordable cost rental units funded under the cost rental equity loan scheme in 2021; and the location, approved housing body provider, purchase cost, cost rental equity loan contribution and expected entry level rent for each scheme, in tabular form. [25360/21]
View answerOn 8 February 2021 I announced approval in principle of funding for 390 new homes under the Cost Rental Equity Loan (CREL) scheme. This new scheme was allocated €35m in funding in Budget 2021, which is being used to make loans on favourable terms to Approved Housing Bodies (AHBs) for up to 30% of the cost of new homes for Cost Rental. The announcement followed a Call for Proposals and a rigorous assessment process conducted by the Department and the Housing Agency. CREL financing has been granted this year for 390 new homes, to owned and let by the Tuath, Respond, and Clúid AHBs. The homes are located in Dublin, the surrounding Greater Dublin Area, and Cork, with cost-covering rents projected to be at least 25% below comparable open market prices.
The successful AHBs are completing the necessary financial and commercial arrangements in relation to these homes. When these arrangements are concluded, details of the funded projects, including specific locations, housing typologies, and cost-covering rents, will be made public.
Cost Rental homes will be operated and allocated in line with provisions in the Affordable Housing Bill 2021, which was recently approved by Government and will be published imminently. The Bill defines Cost Rental in Ireland for the first time and will allow the Minister to regulate tenancies in which the rents only cover clearly defined costs.
