More than 80 homes in Co Limerick are to be placed on the cost-rental market next month amid significant interest in the new scheme.
The Land Development Agency (LDA) announced on Monday that it will soon open the application process for 81 cost-rental homes at The Mills in Castletroy, Co Limerick.
The homes include 36 one-bedroom and 45 two-bedroom apartments. The monthly rent for a one-bed apartment is €990 and the rent for a two-bed is €1,235.
The apartments, which have been built by Cairn Homes, are A-rated and located about 6kms from Limerick city centre.
The application portal for the homes will open in January, and would-be applicants are urged to “closely study” the eligibility criteria for cost-rental homes and to ensure they fulfil the requirements ahead of the application process. They are also advised to prepare the documentation they will require to secure a home if they are selected through an initial lottery process.
The State-subsidised model offers long-term tenures and stable rents at about 25 per cent below local rates.
Cost-rental housing is aimed at low- and middle-income workers earning up to €66,000 after tax. However, other eligibility terms apply.
Applicants must be able to demonstrate they can afford the advertised rent, which should not account for more than 35 per cent of their monthly net income, although some flexibility is allowed for renters who can show they were managing to pay higher rents in the private sector.
There has been significant demand for the new scheme, and more than 4,600 people applied to become tenants of just 195 cost-rental apartments at Shanganagh Castle in south Dublin, it emerged last week.
The cost-rental scheme is designed to be a long-term “secure rental option” at below market rates for would-be renters who do not qualify for social housing but who cannot access the private market without support.
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