Cost Rental Scheme to help tenants: The limit may be increased to Rs 1 lakh
Dublin: The government may announce the decision to include families with a total income of up to Rs 1 lakh per year in the cost rental scheme.
The ‘Cost Rental’ scheme is a scheme to provide, manage, and maintain rental homes through councils and housing bodies for those who are above the threshold for social housing but find it difficult to afford private rent. The rent for the houses offered under the cost rental scheme should be at least 25% less than the area’s normal market rent.
How much does rental housing cost?
Authorised Housing Bodies (AHBs), Local Councils, and Land Development Agencies(LDA) distribute cost rental houses. People can rent the same house for an indefinite period of time.
How does the cost rental scheme function?
The rent will be fixed based on the cost of building construction, management, and maintenance provided by scheme-approved housing bodies. Costs are determined over a period of up to 40 years.
Homes must be offered at rents that are at least 25% lower than the area’s private market rent. Rent is linked to annual inflation, so any rent increase will be proportionate to the rate of inflation. Renting a home, which has become a long-term option, can be managed on its own by paying monthly rent, similar to a mortgage.
Government funding and grants are provided to AHBs and councils to help build or buy these homes.
Who can apply for cost rental housing?
1. Your annual household income is less than €53,000 (in addition to this, the government is hinting at raising the annual income up to €1 lakh (income after tax for families between €75,000-€80,000).
2. You do not receive any social housing assistance, such as the Housing Assistance Payment (HAP).
3. You currently do not own a home or property in Ireland.
4. Be suitable for the size of your family (for example, a two-bed unit for two adults, a couple, or a single parent with one or more children).
5. You can pay the house rent.
6. You have only applied once for the cost rental scheme.
The eligibility criteria are determined by adding up the net annual income of each member aged 18 years and older.
AHB, local authorities, or LDA, advertise cost rental schemes online when available. If you are interested, you can learn more about the schemes and apply on the AHB and local government websites, though there is no uniform application system.
If more applications are received, the application process for each cost rental scheme will draw lots for the total number of places. All eligible applications for each unit type will be entered into a lottery, with names drawn at random. Each selected applicant may have a unique process for documenting and verifying eligibility.
The decision to ban evictions and the cost rental scheme for families with pre-tax incomes above €100,000 has given new hope to thousands of jobseekers in Ireland.
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