The policy intent of developing a Cost Rental sector in Ireland is to support the housing needs of those on moderate incomes for whom high open market rents are unaffordable and who do not qualify for social housing supports. The Government’s Housing for All plan targets the delivery of 18,000 Cost Rental homes by 2030, primarily through delivery by Approved Housing Bodies (AHBs), Local Authorities and the Land Development Agency (LDA). Funding has been allocated by my Department to AHBs through the Cost Rental Equity Loan (CREL) scheme, and to Local Authorities through the Affordable Housing Fund (AHF).
All Cost Rental providers are legally obliged to make Cost Rental homes available in line with the provisions of Part 3 of the Affordable Housing Act 2021 and associated Regulations, which was the process followed for allocation of Cost Rental tenancies at the development in question.
Eligibility and income parameters are a key tool in targeting limited State-supported resources at those who fall within the moderate income cohort and are considered most in need of affordable housing interventions. The primary eligibility condition for accessing Cost Rental housing is a maximum net annual household income (less income tax, PRSI, USC and superannuation contributions) of €53,000.
All Cost Rental properties must be leased to a tenant whose household falls within prescribed eligibility conditions. Under the Regulations, vacancies in all Cost Rental properties must be advertised online by the landlord for a period of at least 7 days, during which households can express their interest in leasing the properties. In the event that the number of eligible applicants exceeds the number of homes available, the provider must consider the applications in a random order, using an auditable lottery system, in order to provide an equitable opportunity for all eligible applicants. This Cost Rental eligibility criteria remain under review to ensure they remain fit for purpose in targeting support at those who cannot affordably access homes for rental on the private market.
