The Housing Minister and Wexford TD James Browne has announced funding new cost rental and affordable purchase homes.
A total of €168million has been allocated for 849 homes This includes €11.8 million in funding to support the delivery of 163 new affordable purchase homes of which 36 will be in Co. Wexford.The remaining €156 million for will go towards 686 new cost rental homes across the country. The funding will further increase the supply of affordable, high-quality housing for both buyers and renters in high-demand areas across Ireland. Speaking about the funding for new cost rental homes, Minister Browne emphasised: “The overwhelming popularity of affordable cost rental homes, with most schemes in high demand, highlights the success of this model and our approach. To meet this demand, we need to scale up supply, and these approvals represent a significant expansion.” “Cost rental means affordable rents, the security of knowing you have a long-term tenancy, the comfort of a high-standard home and perhaps most significantly, the peace of mind to settle down in an area and build a future.” The funding of over €156 million announced today will provide for the following developments: Cork City: 358 new cost rental homes Fingal: 141 new cost rental homes Galway City: 75 new cost rental homes Meath: 51 new cost rental homes South Dublin: 30 new cost rental homes Louth: 23 new cost rental homes Westmeath: 8 new cost rental homes Under the cost rental scheme, rents are at least 25% below comparable market rates for the area with some developments achieving discounted rates of up to 33%. Already, over 2,640 cost rental homes have been delivered by Approved Housing Bodies, Local Authorities and the Land Development Agency. There is a delivery pipeline of more than 8,600 cost rental homes. Affordable Purchase Homes Minister Browne also confirmed funding of over €11.8 funding to support the delivery of 163 new affordable purchase homes. He added: “The affordable purchase scheme offers first-time buyers and fresh-starters the opportunity to purchase homes at below market rates. Like the cost-rental scheme, it has been an extremely popular initiative with a high degree of interest in schemes advertised to date.” “This funding will continue to grow the delivery pipeline for this form of housing and will support Government policy of making homeownership a realistic aspiration for more of our citizens.” This funding will support the delivery of new affordable purchase homes in: Cork City: 86 homes Wexford: 36 homes Meath: 14 homes Monaghan: 10 homes Limerick: 9 homes Louth: 8 homes This affordable purchase delivery pipeline continues to grow with over 3,800 affordable purchase homes approved for support from the Affordable Housing Fund.