8th February 2021 | Housing, Press Releases

Green Party welcomes approval for Ireland’s first Cost Rental homes

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The Green Party has welcomed the announcement that approval has been granted for Ireland’s first Cost Rental homes, delivering on a key commitment in the Programme for Government.

Green Party Spokesperson for Housing, Francis Noel Duffy TD, commented:

“For the first time ever, we are seeing the State develop a rental scheme that will make homes available to rent at 25% below market price at minimum. The Cost Rental model is a Green Party policy we have long advocated for, and which was negotiated and secured in the Programme for Government.

“It is effectively affordable, high-quality rental accommodation, provided by the State or local authorities. In the long-term, the delivery of cost-rental homes will drive rent prices down and allow new housing to be built even during a downturn. It has proven to be a very effective way of providing housing in many European countries and I am excited to see this model come to Ireland.”

Cost Rental is a model where rents are charged to cover the costs of construction and managing the homes, making housing available for below market rates. In Budget 2021, €35 million was made available to Approved Housing Bodies (AHBs) for Cost Rental projects, and approval was given today to Clúid, Respond and Tuath for a total of 390 cost rental homes across Dublin and Cork. Financing of up to €100m has also been made available to support schemes approved under this measure by the Housing Finance.