Residents move into city's first cost rental scheme
Leeside history was made this morning, Friday, when new residents were welcomed to Cork’s first cost rental homes scheme.
Delivered by housing charity Clúid, Lancaster Gate at Lancaster Quay, is a mixed tenure community comprising of 88 1- and 2-bedroom apartments, 73 of which are cost rental homes.
Under the Government’s Cost Rental Scheme, cost rents must be a minimum of 25% below open market values. The 73 cost rental homes at Lancaster Gate are approximately 45% below local market rates.
The 1-bedroom apartments rent for €990 per month, while the 2-bedroom apartments rent for €1,100 per month.
Each apartment at Lancaster Gate comes with an oven and hob, a fridge freezer, a dishwasher, a microwave, and a washer dryer. Quality flooring and tiled bathrooms also come as standard, and each unit has a Building Energy Rating (BER) of A2. Residents have complete freedom to furnish their new home to their own taste.
Residents moving in this morning first had to prove eligibility when applying for the homes. The criteria included a net household income below €53,000 per annum, no existing home ownership, ability to pay the cost rent and not in receipt of any social housing supports.
Applications far exceeded availability, with over 1,200 applying for the 73 Cost Rental properties. All eligible applications were included on the system and then selected at random. The random selection system was automated and auditable to ensure a fair application process for all.
Welcoming the new residents in person this morning were An Taoiseach Micheál Martin and Lord Mayor of Cork Cllr Deirdre Forde.
The Taoiseach said: “The launch of this cost rental scheme is a really important step in providing high quality and accessible homes for people in the heart of Cork city.
“We are making real progress on housing, despite the challenges, and Clúid is playing a vital role in this.”
The Lord Mayor said: “I know that this new cost rental scheme will be a great success for the households moving into their new homes and the wider community.”
The Cost Rental Scheme is administered by the Housing Agency on behalf of the Department of Housing, Local Government and Heritage. Lancaster Gate is delivered in partnership with the Housing Finance Agency, O’Callaghan Properties and CField Construction.
James O’Halloran, Senior Supply Manager of Clúid Housing, said: “As we’re all aware, there are huge challenges in the housing market currently. It’s increasingly difficult for people to find a home and the cost of living crisis is putting further pressure on families.
“Clúid’s vision is a society where everyone has a great place to live.”