New Limerick apartments will be let at a third of market rate

A CGI rendering of the Project Tosaigh homes in Castletroy.

MORE than 80 new homes in Limerick will shortly be ready to rent at nearly a third less than the current market rate.

The Land Development Agency (LDA) has announced the upcoming delivery of 81 new cost rental homes through its Project Tosaigh programme.

This is the first time the LDA has secured Project Tosaigh homes in Limerick. The 81 apartments will be located at The Mills, a new development in Castletroy.

The LDA’s output at The Mills is part of a total of 138 cost rental homes, with a further 57 being delivered by a separate approved housing body.

Building is already well advanced, according to the LDA, on the 45 two-bed and 36 one-bed apartments. It is expected they will be ready for occupancy next year.

Sign up for the weekly Limerick Post newsletter

All of the homes will be made available on the market at cost rental rates to eligible candidates.

To be eligible for cost rental housing, an individual or household must have a net income below €59,000 per annum for homes outside Dublin.

The rental prices have yet to be finalised, but rents for cost rental homes are generally at least 30 per cent below market rents. This is because the rent is based solely on the cost of building the home.

The homes, which are under construction and being delivered in partnership with Cairn Homes, have been secured through the LDA’s Project Tosaigh initiative, whereby the agency steps in to kick-start stalled or unviable housing projects and then makes the new homes available to renters on a cost rental basis or to purchasers at an affordable cost.

Project Tosaigh is being delivered by the LDA in addition to its direct housing delivery stream,

The original article can be found here