'Great news for the city': Cork TD welcomes funding for more than 400 new homes 

A Cork TD has welcomed the announcement of funding for 444 new cost rental and affordable purchase homes in the city.

The allocation, which in Cork will fund 358 new cost rental homes and 86 affordable purchase homes, is part of a Government announcement of a €168m allocation for 849 new cost rental and affordable purchase homes across 10 different local authorities around the country.

The announcement, which was made by housing minister James Browne, will see a national allocation of over €156m for 686 new cost rental homes, with an additional €12m going to towards 163 new affordable purchase homes.

In Cork, the 358 new cost rental homes will be located Longview in Ballyvolane on the northside and in Jacobs Island in Mahon on the southside. The 86 affordable purchase homes will be located off the Old Whitechurch Rd on the northside.

Welcoming the announcement, Pádraig O’Sullivan, Fianna Fáil TD for Cork North Central, said it was great news for the city.

“Cost rental is a new way of providing affordable housing for people. Particularly in urban areas, because it ensures that people have security of tenure with long tenancies,” he said.

“This is a much needed investment to tackle our housing crisis, and it’s good to see imaginative and alternative models to allow people acquire long-term rentals from the State.

“I hope that more and more cost rental homes will be in the pipeline in the coming years, particularly in Cork city,” Mr O’Sullivan added.

“Similarly, the affordable purchase scheme offers first-time buyers and fresh-starters the opportunity to purchase homes at below market rates.” 

Announcing the allocation, Mr Browne said the funding would further increase the supply of affordable, high-quality housing for both buyers and renters in high-demand areas across Ireland.

“The overwhelming popularity of affordable cost rental homes, with most schemes in high demand, highlights the success of this model and our approach,” he said.

“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.” 

The Lord Mayor of Cork, Green Party councillor Dan Boyle, said he very much welcomed the announcement.

“Some 358 of the homes are cost rental, and it is very much a process that was started while the Greens were still in government,” Mr Boyle said.

“Looking at the figures, more than half the houses announced nationally are in Cork city, and it’s a very welcome development, and it gives more choices and options for people in terms of housing security.”

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%.

So far, over 2,640 cost rental homes have been delivered by approved housing bodies, local authorities and the Land Development Agency, with a delivery pipeline of more than 8,600 further cost rental homes.