Circle VHA recently announced its entrance into the Cost Rental sector, commencing with the tenancy of 29 homes at Lanestown View, Donabate.
In a significant expansion of its affordable housing initiatives, Circle VHA, a prominent Approved Housing Body, is set to scale up its housing delivery, aiming to provide over 3000 social and affordable homes in the next four years. This ambitious goal builds upon the success of the recently launched rental homes with an additional 700 cost rental homes set to commence construction in 2024. The strategic move solidifies Circle VHA’s commitment to addressing mixed tenure housing needs through innovative solutions.
The inaugural Cost Rental homes at Lanestown View entails a partnership with Cairn Homes, to deliver 29 high-quality Cost Rental homes, forming part of a larger project to deliver 72 homes. The mixed-tenure scheme of both social and Cost Rental homes, offers housing options including 2-bed homes, duplex homes, and apartments, complete with contemporary amenities such as private balconies and communal spaces.
This development not only represents Circle VHA’s groundbreaking entry into Cost Rental but is also the first development along the new Donabate Ring Road. This road is anticipated to usher in thousands of new homes along the peninsula in the future.
“These Cost Rental homes will provide a valuable pipeline of affordable secure long-term, rental accommodation. As we work toward finalising the acquisition of approximately 58 homes by year’s end, with the balance of homes due in the first half of 2024, Circle VHA remains dedicated to catalysing positive transformations in housing accessibility,” said John Hannigan, CEO, Circle VHA.
“We’d like to thank Mayor of Fingal, Cllr Adrian Henchy and Minister for Housing, Local Government & Heritage Darragh O’Brien for officially cutting the ribbon to these new homes at Lanestown View, along with key funders, the Housing Finance Agency, the Department of Housing and The Housing Agency, who enable the delivery of these homes, along with the ongoing support of Fingal County Council.”
Cost rental homes offer a secure, long-term rental option aimed at contributing to a robust housing market in Ireland. These homes cater to individuals whose income exceeds the social housing threshold but face challenges in affording private rented accommodation. The ‘cost rental’ model ensures that rent is based on the actual cost of constructing, managing, and maintaining the homes, resulting in more affordable housing solutions.
Applications for Circle VHA’s Cost Rental homes in Dublin were open through a lottery system, allowing anyone working in the area with a maximum net household income below €66,000 for Dublin to apply. These homes are designed to provide significant relief from rising rental costs, typically being rented at approximately 25-33pc below market rates.
Minister O’Brien said, “I’m delighted to launch Circle VHA’s first affordable cost rental homes – the first of many..It’s particularly welcome to see these homes delivered in my own constituency which is one of the fastest growing areas in Ireland. Under Housing for All, we will continue to deliver social, affordable purchase, cost rental and indeed private homes here and across the country.”
Michael Stanley, CEO, Cairn Homes, said: “Cairn is very proud of our development in Lanestown View in Donabate and we’re delighted to work in partnership with Circle VHA and supported by FCC. We commenced construction in January of this year and shortly there will be upwards of 200 people living in these recently completed homes.”
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