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Clúid Housing opens applications for 46 new cost rental homes in Newbridge, Kildare

The 46 new cost rental homes are a mix of one-, two-, and three-bedroom apartments, located in The Paddocks, Newbridge, Co. Kildare. Under the Government’s Cost Rental Scheme, rents are targeted at a minimum of 25% below open market value, with prices for The Paddocks homes starting at €1,000 per month – approx. 25% to 30% below local market rates. Residents will also be provided with long-term security of tenure. Applications officially open on www.clúid.ie on Wednesday 20th April 2022, with the first homes available to move into before the end June 2022. When complete, homebuilder Montane Developments will have delivered a total of over 300 homes in The Paddocks development.

Budget 2022 allocation of €70m to Cost Rental
Cost rental is a new form of tenure in Ireland, whereby residents pay rents that are solely based on the cost to build, manage, and maintain the homes. €70m was allocated in Budget 2022 for the delivery of 700 Cost Rental homes by Approved Housing Bodies (AHBs), through the Cost Rental Equity Loan (CREL) mechanism. A target to deliver an average of 2,000 cost rental homes per year was included in ‘Housing for All’, Government’s housing plan for Ireland over the next 8 years. Under the Affordable Housing Act 2021, the Cost Rental Scheme will enable Clúid to set rents for this development in Newbridge as per the below:

• 1 bed apartment- €1,000 per calendar month
• 2 bed apartment- €1,240 per calendar month
• 3 bed apartment- €1,350 per calendar month

Today’s announcement follows on from Clúid’s launch of the first cost rental scheme in Kildare, Barnhall Meadows, which attracted over 1,000 applicants, for a total of 56 new homes released in two phases last year. In addition, Clúid recently announced plans to deliver 73 cost rental homes in Cork in 2022.

Eligibility
The Newbridge homes are conveniently located close to sports, social, educational, commercial, transport and recreational amenities. The A-rated, energy efficient properties are semi-furnished. Each home will include white goods, including a fridge freezer, a dishwasher, an oven and hob, a microwave, and a washer dryer as standard. Roller blinds are supplied including a blackout blind in bedrooms, in addition to laminate flooring throughout, and tiled bathrooms. Applications open on Wednesday 20th of April and close on Wednesday 27th of April. To apply for the cost rental homes, applicants are obliged to provide evidence of the following eligibility criteria:

• Net household income is below €53,000 per annum
• Not in receipt of any social housing supports (including Rent Supplement or HAP)
• Do not own a property
• Household size matches the size of the property advertised (All members of the household must be living in Ireland at time of applying.)
• Applicants can afford to pay the cost rent for the home
• Household has only entered one application for a specific cost rental property

Should more applications be received than properties available, completed applications will be selected at random. The random selection system is automated and auditable, to ensure a fair application process for all.

Financing of up to €100m
Clúid was one of three AHBs selected (along with Respond and Túath) to deliver the first cost rental homes in Ireland, as part of a competitive assessment process. The Cost Rental Scheme is administered by the Housing Agency, on behalf of the Department of Housing, Local Government and Heritage. The Housing Agency oversee the administration of the loan arrangements, including the drafting of the agreement for the Cost Rental Equity Loan (CREL) to fund the purchase of each property. The Housing Finance Agency (HFA) has also made financing of up to €100m available to support the delivery of cost rental homes. These 46 new homes are being purchased by Clúid Housing from homebuilder Montane Developments.

Fiona Cormican, Clúid Housing’s Director of New Business, commented: “Clúid’s vision is of ‘a society where everyone has a great place to live’. To achieve our vision, we work in partnership with a range of stakeholders to deliver high quality housing and services across Ireland. We are extremely proud to have been selected to deliver these cost rental homes in partnership with the Department of Housing, Local Government and Heritage, the Housing Agency, the Housing Finance Agency, Kildare County Council and Montane Developments.

“Cost rental homes provide working people, who do not already own a property, access to right-sized homes, at a rent they can afford. With rents of between 25% to 30% below market rates, these new homes here in The Paddocks, Newbridge offer excellent quality, long-term, secure rental options for middle income households and those struggling to rent on the open market.

“We are proud to have been the first AHB to deliver cost rental homes in Ireland and we are ready to assist the Government in achieving their target of 2,000 cost rental homes per year and 18,000 by 2030 as set out in Housing for All.”

For more, visit www.cluid.ie/cost-rental/

ENDS

Notes to the Editor:
Fiona O’Connor – Communications Manager – Clúid Housing
+353 87 113 5411 – foconnor@cluid.ie

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