Delivery of more affordable homes to rent or buy is a priority for the Government and my Department has developed a range of measures to assist local authorities to provide homes of this nature, which are being utilised at the three sites referred to by the Deputy.
In relation to Clonburris, which will provide 8,000 homes, the local infrastructure housing activation fund, LIHAF, and the serviced sites fund, SSF, will make more than 1,000 of these homes available in the shorter term, including 100 social homes and 133 homes for purchase, at significantly below open market values. South Dublin County Council estimates a price range of €253,000 to €263,000 for these homes. At these rates, using the Rebuilding Ireland home loan, a couple with a joint income of €44,000 would be in a position to buy any of the 133 homes for purchase. As an example, this would be affordable for a couple comprising a new entrant school teacher and nurse. A development partnership between the site owners and the council to will see a detailed design for the full site finalised next year.
Poolbeg West SDZ will deliver up to 3,500 homes in close proximity to the city centre. To improve access to this strategically important site, more than €15 million of LIHAF funding has already been allocated by my Department. The SDZ planning scheme requires the delivery of 15% of the homes for social and affordable housing purposes, which is in addition to the statutory 10% under Part V arrangements. NAMA is currently procuring a development partner for the site.
With the St. Michael's Estate cost rental development, land is being provided by Dublin City Council to minimise the eventual rents of the planned 375 homes, and I understand that an application will be made for serviced sites funding and that it is also planned to utilise low-cost, long-term finance through the European Investment Bank. Dublin City Council is currently procuring an architect-led integrated design team to bring the development to the planning stage, with tenders for this due before the end of the year.
With regard to rents in cost rental projects, in the case of the Enniskerry Road project, which is already on site, the 50 two-bedroom cost rental units will be made available for €1,200 per month, which is a reduction of approximately 50% on the rents being charged for equivalent homes in the area. In the case of the Dublin City Council area, I understand that initial projections by advisers engaged by the council have estimated that rents of more than 40% below open market rates are achievable in certain cases.