Funding for 31 new Louth cost rental and affordable purchase homes

The Minister for Housing, Local Government and Heritage, James Browne TD, has allocated funding to deliver 23 new cost rental and 8 affordable purchase homes across Louth.

The money was announced as part of national funding for 849 new cost rental and affordable purchase homes.

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.”

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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.”

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.