Dáil Éireann Debate, Tuesday - 5 October 2021
313. Deputy Eoin Ó Broin asked the Minister for Housing, Local Government and Heritage , further to Parliamentary Question No. 280 of 21 September, the number of CREL funded cost-rental homes that will be purchased and made available for tenants in the first quarter of 2022; and the details of the location, unit size and costs of same. [48194/21]
View answerAs stated in the reply to the Question referred to, the delivery of Cost Rental Equity Loan (CREL) homes is subject to construction schedules, which, together with housing projects more generally, were impacted by COVID delays at the start of this year. The initial timeframes submitted by Approved Housing Bodies (AHBs) were based on all efforts being made to deliver the homes as soon as possible. As AHBs sought to use CREL funding to allow developers to construct homes that may otherwise not have been delivered, the commencement of construction on these specific units was in most instances not possible until the lifting of relevant COVID restrictions.
Based on updated delivery timeframes from the relevant AHBs, the estimated additional Cost Rental homes that will be purchased and made available for tenanting by the end of the first quarter of 2022 will be c.170. These homes will be in addition to the first CREL-financed homes which have been delivered by the Clúid AHB at Taylor Hill, Balbriggan, and the 50 Cost Rental apartments due for completion shortly at Enniskerry Road, for which tenancy applications have already been accepted. The remaining homes will come on stream during 2022.
The necessary financial and commercial arrangements in relation to these CREL-financed projects are being completed by the AHBs concerned. When these arrangements are concluded, details of the other projects, including specific locations, housing typologies, and cost-covering rents, will be made public.
Just one year after coming in to office, this Government has introduced what is a brand new form of tenure in Cost Rental. It has placed Cost Rental on a statutory basis through the provisions of the Affordable Housing Act 2021, the first ever stand-alone affordable housing legislation in the State. It has established administrative provisions and provided the funds which has seen the first tenants already in long term and secure homes at up to 50% of the comparable market cost.
The Government recently confirmed plans to drastically increase delivery and its Housing for All Strategy is the most ambitious housing plan in the history of the State, backed up by an unprecedented financial commitment in excess of €4bn per annum. Over the period 2021 to 2030, it is intended that approximately 18,000 Cost Rental homes will be delivered by Local Authorities, Approved Housing Bodies and the Land Development Agency. In building to this scale and an average of 2,000 Cost Rental Units per year, the State will provide certain focused funding supports to help delivery partners provide rental homes that target affordable rents at levels in the order of 25% below market rents.
