Clúid Housing opens applications for the first Cost Rental homes in Meath

Cost Rental is a new form of tenure in Ireland where residents pay rents that are solely based on the cost to build, manage, and maintain the homes. These 22 new Cost Rental homes are three-bedroom terrace homes located in Effernock, near Trim in Co. Meath. Under the Government’s Cost Rental Scheme, rents are targeted at a minimum of 25% below open market values. The Cost Rental homes in Effernock will be rented at €1,350 per calendar month – around 31% below local market rates.

Commuter Belt
The Effernock homes are located close to Trim and a wide variety of social, educational, transport and recreational amenities. The development, Riversend, is situated between the main Dublin Road and the banks of the River Boyne. Dublin city is a 50-minute drive away, with the airport within 40 minutes of the development.

The A rated energy-efficient properties have solar PV panels installed to help reduce energy bills. The units will be semi-furnished with white goods, and flooring will be laid in advance of residents moving in. In addition to the three bedrooms, there is a study/home office in each of the houses. The first properties will be available to move into before the end of the year.

These three-bed units are suitable for three adults or cohabiting couple/lone parent with 2 or more children. The 22 new homes are being purchased by Clúid Housing from homebuilder Glenveagh. When complete, homebuilder Glenveagh will have delivered a total of 278 homes in the Riversend, Effernock development.

Eligibility
Applications officially open on the Clúid website www.cluid.ie today 26th of October and close on Wednesday, 2nd of November.

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
• Do not own a property
• Household size matches the size of the property advertised
• Applicants can afford to pay the cost rent for the home
• Household has only entered one application for a specific cost rental property

The Cost Rental schemes that Clúid has released to date have been vastly oversubscribed. When more applications are received than properties available, completed applications are selected at random. The random selection system is automated and auditable to ensure a fair application process for all.

Cost Rental Scheme
A target to deliver an average of 2,000 Cost Rental homes per year was included in ‘Housing for All’, the government’s housing plan that was published last year. In Budget 2022, €70m was allocated to develop 700 Cost Rental homes which were to be delivered by AHBs through the Cost Rental Equity Loan (CREL) mechanism. CREL covers up to 30% of the capital costs of a development and is administered by the Housing Agency, on behalf of the Department of Housing, Local Government and Heritage. The Housing Finance Agency (HFA) has also made financing of up to €100m available to support the delivery of cost rental homes.

Brian O’Gorman, CEO of Clúid Housing commented: “Clúid’s vision is ‘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 proud of the Cost Rental homes we have delivered to date and these homes in Effernock are of the same high standard people have come to expect from Clúid and our partners at Glenveagh.

Clúid will have delivered 250 Cost Rental homes by the end of the year, in Dublin, Kildare, Cork and Meath. In the context of the rising cost of living the security and affordability of cost rental is further highlighted. As a not-for-profit provider, committed to providing homes at cost rents, and at a market rent discount, the level of financial support provided by Government is particularly important to us. Thank you to Meath County Council, the Housing Finance Agency and the Department of Housing, Local Government and Heritage for working with us on Effernock. We look forward to continuing to work with Government and ensuring the growth of significant numbers of cost rental homes.”

Stephen Garvey, CEO of Glenveagh said: “At Glenveagh, our vision is that everyone should have the opportunity to access sustainable, high-quality homes at levels they can afford in flourishing communities across Ireland. We are delighted to be helping people move into 22 new homes in our Effernock development that we are making available through our latest cost rental partnership with Clúid Housing. We will continue to play a strong role in making housing more accessible for renters and owner-occupiers alike.”

ENDS

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

About Clúid Housing
Established in 1994, Clúid Housing is an independent, not-for-profit charity. Clúid is one of the largest approved housing bodies (AHBs) in Ireland with over 9,000 social and cost rental properties in management. Clúid leads the way in delivering affordable housing solutions to those on local authority housing lists and to middle income households. Our team of over 280 professional employees are committed to providing quality housing and services that enable people to create homes and thriving communities. For more information visit www.cluid.ie