• Two bed rents expected to be in the range of €950-€1000
• Three bed rents expected to be in the range of €1150-€1200
Waterford Fine Gael Senator John Cummins, party spokesman on Housing, Local Government and Heritage has said he expects the Ballycashin Cost Rental Scheme in Waterford city, comprising of eighteen 2 bed houses and four 3 bed houses to open for applications this week.
Senator Cummins said “Cost Rental is a new tenure type in Ireland. It is based on the Vienna model and provides long term, secure rental tenancies for those who are above the threshold for social housing and have a net take home pay (after tax) of below €59,000 per annum. This was increased from €53,000 last month, meaning cost rental is an option for many more working families. Rents are pitched at levels which are 25% below market rents for comparable housing”
“These twenty-two housing units at Ballycashin are brand new A rated homes and will provide energy efficient, long term secure rental accommodation for families from Waterford. I have worked with residents in the area since a proposed housing scheme was mooted on this site a number of years ago to ensure that affordable housing was realised at this location. At the time, the affordable housing strategy was only being devised but I was determined to ensure this site was used as a pilot and I am confident it will prove hugely successful”.
He added “The introduction of some 22 rental properties into what is quite a constrained rental market at present in Waterford is a very significant move by government. In addition, 98 cost rental homes at Mountneil in Carrickpherish have begun construction in recent weeks, in a partnership between Circle VHA and Frisby Homes which will come on stream in two phases next year. The rollout of these first two cost rental developments now mean that the three government affordable options, namely First Homes Scheme, Affordable purchase scheme and Cost Rental will all be available in Waterford which is excellent news and something I have worked hard within my portfolio to achieve.
Further schemes
“I want to see more and more cost rental homes being delivered into the Waterford market, with a particular emphasis on Dungarvan and Waterford City. Works are advancing on bringing forward a scheme of circa 50- 60 cost rental units for Dungarvan which would really assist companies with hiring and attracting employees to Dungarvan. This is something which has been raised with me by Dungarvan & West Waterford Chamber of Commerce and that is why I have placed a lot of emphasis on it, and I also want to see affordable purchase options being delivered there.
Criteria
Senator Cummins concluded by saying “Applications for those who meet the income criteria (above the threshold for social housing and below €59,000 net – after tax) and do not own a property are due to open this week for the Ballycashin scheme. Allocations will be made via an independently verified lottery system. If there are applicants who are successfully chosen amongst the first twenty-two and subsequently found not to meet the criteria, offers will then be made to the next applicants in ranking order – 23, 24, 25; etc. If anyone needs any further information or assistance, please don’t hesitate to make contact with my offices in Waterford City or Dungarvan.