Do You Qualify? Launch of new Kildare apartments with rent from only €1k per month

People have been urged to apply for 50 new "cost rental" homes in Newbridge with rents approximately 25% to 30% below market value.

The properties in The Paddocks will be available at:

•    1 bed apartment - €1,000 per calendar month

•    2 bed apartment - €1,240 per calendar month

•    3 bed apartment - €1,350 per calendar month

Clúid Housing said the properties are a mix of one-, two-, and three-bedroom apartments, located in The Paddocks.

Under the Government’s Cost Rental Scheme, rents are targeted at a minimum of 25% below open market value, with prices for The Paddocks homes starting at €1,000 per month.

This development will enable more middle-income households in Newbridge to access high-quality, secure homes close to their work and community. In addition to below-market rates, residents will also be provided with long-term security of tenure.

Applications officially open on www.clúid.ie tomorrow, and will remain open until 5pm on Wednesday, August 3. The first homes will be available to move into in October 2022. When complete, homebuilder Montane Developments will have delivered a total of over 300 homes in The Paddocks development.

Fiona Cormican, Clúid Housing’s Director of New Business, said: 

“Clúid is delighted to be opening applications for the second phase of cost rental apartments in The Paddocks, Newbridge. The 50 new homes launched today will provide the people of Newbridge and the surrounding area with much needed high-quality, secure homes. With rents set at least 25% below the market value, we hope these new cost rental properties will allow working households who are struggling with the precarious nature of the private rental sector to enjoy stable, long-term homes within the vibrant community of Newbridge.

“We received more than 800 applications for cost rental apartments in The Paddocks when we launched Phase One in April of this year, and we hope to see similar levels of interest in this newest phase.

“Clúid has now brought 250 cost rental properties to the market, and we are ready to assist the Government in achieving their target of 2,000 cost rental homes per year and 18,000 by 2030 as set out in Housing for All.”

New resident 

Alton, a resident in phase one of the cost rental apartments in The Paddocks, said:

“I applied to Clúid Housing and within a few weeks I was contacted for an interview and subsequently was offered to view a property. The property I viewed was a new build apartment which seemed to be of a very high quality. I accepted the offer and could not have made a better decision. 

“The area is quiet and offers a lot of amenities. The development is family-oriented, multicultural and it is an absolute pleasure to be living here. The property itself is finished to a high standard, and the Clúid staff make the process simple and stress free.” 

About The Paddocks

These new-build, A-rated, energy efficient properties are semi-furnished. Each home will include white goods, including a fridge freezer, a dishwasher, an oven and hob, a microwave, and a washer dryer as standard. Roller blinds, including a blackout blind in bedrooms, are provided, in addition to laminate flooring throughout, and tiled bathrooms.

The Paddocks development is conveniently located close to sports, social, educational, commercial, transport and recreational amenities of Newbridge, making it an ideal location for those already living or working in Newbridge, or with links to the area. It is a 60 minute drive or 35 minute train journey to Dublin city centre.

Eligibility

Applications open on July 27 and close on Wednesday 3rd August. 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 (including Rent Supplement or HAP)

•    Do not own a property

•    Household size matches the size of the property advertised (All members of the household must be living in Ireland at time of applying.)

•    Applicants can afford to pay the cost rent for the home

•    Household has only entered one application for a specific cost rental property

Should more applications be received than properties available, completed applications will be selected at random. The random selection system is automated and auditable, to ensure a fair application process for all.

What is Cost Rental?

Cost rental is a new form of tenure in Ireland, whereby residents pay rents that are solely based on the cost to build, manage, and maintain the homes. €70m was allocated in Budget 2022 for the delivery of 700 Cost Rental homes by Approved Housing Bodies (AHBs) like Clúid, through the Cost Rental Equity Loan (CREL) mechanism. A target to deliver an average of 2,000 cost rental homes per year was included in ‘Housing for All’, Government’s housing plan for Ireland over the next 8 years. 

Clúid was one of three AHBs selected (along with Respond and Túath) to deliver the first cost rental homes in Ireland, as part of a competitive assessment process. The Cost Rental Scheme is administered by the Housing Agency, on behalf of the Department of Housing, Local Government and Heritage. The Housing Agency oversee the administration of the loan arrangements, including the drafting of the agreement for the Cost Rental Equity Loan (CREL) to fund the purchase of each property. The Housing Finance Agency (HFA) has also made financing of up to €100m available to support the delivery of cost rental homes. These 50 new homes are being purchased by Clúid Housing from homebuilder Montane Developments.

The latest launch is the second phase of cost rental properties in The Paddocks – the first phase having launched in April 2022. Clúid also has cost rental schemes in Barnhall Meadows, Leixlip, Co. Kildare, as well as in Dublin and Cork.

For more, visit www.cluid.ie/cost-rental/