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Waterford’s first Cost Rental Scheme to deliver 98 Housing Units

  • Two, Three & Four Bed rental homes with permanent security of tenure to be offered at discounts of at least 25% on market rents

  • Further schemes being examined for Dungarvan & Waterford City

Waterford Fine Gael Senator John Cummins, party spokesman on Housing, Local Government and Heritage has said he expects a cost rental scheme comprising of ninety-eight houses to be contracted imminently. These units will be located at Mountneil in Waterford city and be made available by Circle Voluntary Housing Agency on long term secure tenancies with rents at least 25% below market rents.

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 of below €53,000 per annum. Rents are pitched at levels which are at least 25% below market rents for comparable housing. The €53,000 net figure is expected to be revised upwards very shortly and certainly ahead of the first phase of these units becoming available”.

He added “The introduction of some 98 rental properties into what is quite a constrained rental market at present in Waterford is a very significant move by government and it is something which I have been working on over many months with all stakeholders – Circle, Waterford City & County Council, Frisby Homes and the Department of Housing, Local Government & Heritage. This scheme will now mean that the three government affordable options will now be available in Waterford, namely First Homes Scheme, Affordable purchase scheme and Cost Rental”.

“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 some 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.

Senator Cummins concluded by saying “It is expected that works will begin on the ninety-eight two, three and four bed homes at Mountneil in August. Planning permission is in place, preliminary groundworks have been completed and I hope to see the first phase of the 98 units handed over in the New Year. Applications for the first cost rental tenancies will be managed by Circle Voluntary Housing Association and qualifying applicants will be chosen by lottery if oversubscribed. Rents are expected to be in the region of €975 for a 2 bed, €1100 for a 3 bed and €1250 for a 4 bed”.

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