Approximately 72 cost rental homes have begun development at the Bishop's Gate site. Tuath will also deliver a further 22 social homes on the same site and these will be allocated to people from the Dún Laoghaire–Rathdown County Council housing waiting list upon completion.
Housing Minister Darragh O'Brien was welcomed to the site to celebrate the landmark moment.
Councillor Mary Hanafin, Cathaoirleach of Dún Laoghaire-Rathdown County Council, said: "I welcome the delivery of these homes which are close to amenities, public transport routes, local commercial centres and the nearby Fernhill Park and Gardens. This is another vital step in providing accommodation at affordable prices to citizens of the County."
The new cost rental homes are being delivered by Tuath Housing, in partnership with DLR and will consist of 63 two-bed apartments and 9 three-bed apartments upon completion. The new homes are being funded under the Department's Cost Rental Equity Loan (CREL) scheme, which necessitates that cost rents must be a minimum of 25% below open market values.
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Frank Curran, Chief Executive of Dún Laoghaire-Rathdown County Council, said: "This collaboration with Tuath Housing and the Department of Housing, Local Government and Heritage will provide much needed homes at affordable prices and long-term security of tenure for the people of Dún Laoghaire Rathdown. We look forward to the completion of the first units in 2024."
The average rental for a two-bed home in the Kiltiernan area is €2,400 per month and €3,200 per month for a three-bed. The new cost rental homes being delivered at Bishop's Gate will not only provide more homes in the area, the rents will be set at €1,425 for a two-bed and €1,550 for 3-bed home, representing a 45% decrease in local market rates.
Housing Minister Darragh O'Brien commented: "Cost Rental is key to addressing the affordability and security of tenure challenges faced by renters. As we scale it up, it will help make Ireland’s housing market more affordable overall. Approved Housing Bodies like Tuath are working hard, with local authorities such as Dún Laoghaire-Rathdown, and with the support of my Department through Housing for All, to achieve a healthy pipeline so that we can deliver cost rental at scale."
Prof. Paddy Gray, Chair of Tuath's Voluntary Board of Directors, added: "We are delighted to be involved in the delivery of cost rental housing, and we will continue to support the Government and local authorities nationwide in the delivery of homes under this model. Cost rental homes offer security of tenure, long-term rent certainty and more choice to those struggling to find suitable rental accommodation on the private market."
The wider Bishop's Gate development will comprise of 203 homes in total and will contain a mix of private owned, private rental, social and cost rental housing.
