Fine Gael Senator and General election candidate John Cummins has welcomed the launch of applications for 49 brand-new cost-rental homes at the Mountneil housing development in Carrickpherish, Waterford City.
Senator Cummins said “Mountneil is a new development located in Waterford City featuring ‘A’ rated, energy-efficient new homes. The development will consist of 2 x two-bedroom and 47 x three-bedroom houses, representing the first delivery of cost-rental housing by an approved housing body in Waterford. It follows the delivery of 22 Cost Rental units in Ballynaneasagh which were delivered by Waterford City and County Council.”
The homes will be delivered in two phases, with availability expected between December this year and March 2025. Rents for these homes are 25% below comparable local market rentsfor similar properties. Applications are expected to open today for 2-Bedroom House at €950 per month & 3-Bedroom House at €1,195 per month.
Speaking in the Seand today on the announcement John Cummins said: “This is a really welcome boost for the rental supply market in Waterford. It is the second cost rental scheme that’s being delivered in Waterford with others in the pipeline and I think it really goes to show that this tenure type,which is delivering additional supply for middle income earners those who are above the threshold for social housing and, outside of Dublin, below €59,000 net income after tax is a really pivotal and important intervention by government in the rental market.”
Cost rental is not-for-profit housing where the rent you pay covers the cost of the construction, management, and maintenance of your new home. Cost rental offers a long-term, secure tenancies that cheaper than comparable market rents for similar properties.
Senator Cummins concluded: “Today is a really good day. I’m delighted to have worked with Frisby Homes, Tuath and Waterford City and County Council to ensure these properties were ringfenced for cost rental delivery. The units will be advertised online on the Túath Housing Association websiteand I’d encourage anybody in Waterford or surrounding areas that is in that middle income bracket to express their interest and the lottery system for that will be held in due course”