Latest cost rental scheme will assures tenants to pay 25% to 30% lesser than the market rents

Housing Minister Darragh O’Brien pointed out that the latest cost rental scheme will allow the tenants to pay 25% to 30% lesser than the market rents.

While addressing the media, Darragh O’Brien spoke about the €3.1 billion housing budget announced on Tuesday. He said that the new scheme with an overall budget of €35 million is capable of delivering 400 homes.

He also said that the rents for each home will depend on the place, where the house is situated and also said that further details will be out in the up coming legislation before Christmas. 

The minister said that the plans for the new scheme was signed off last month and almost 2,000 houses will be built according to it. The scheme for affordable home was a part of the minister’s objective for 2021. Out of the 2,000, only some will be delivered in the upcoming year.

He also said that this year’s target is going on and they have built over 700 homes till June, later the construction process was affected because of the Covid-19 restrictions. 

Darragh O’Brien believes that the slow-start will be managed by the department and 60 – 70% of this year’s target will be completed by December.

He said that the construction works won’t be stopped from here on, they will be functioning even if the country imposes Level 4 or 5 restrictions. He termed that these services as essential services.

“Construction will remain an essential service. I do not envisage a shut down in the construction sector… we will not see a shut down in the construction sector,” he said.

Eoin Ó Broin, Sinn Féin Housing spokesperson said that Darragh O’Brien’s plan of the housing scheme is not clear and it is raising a lot of confusions in people’s mind. He also said that there are no targets for how many houses will be completed and delicvered through the fund in 2021.  

At the same time, Eoin Ó Broin echoed minister’s point of making the construction works as an essential class if the country undergo serious restrictions.

“The minister also announced a new affordable fund of €110m. Part of this would be used to finance 400 cost rental homes though with no timeline for delivery. The remainder is to be used for an as yet unspecified shared equity loan for the purchase of private homes,” he said.