Darragh O'Brien (Dublin Fingal, Fianna Fail)
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Housing for All targets the delivery of 18,000 new Cost Rental homes to 2030. A strong pipeline is in place and under continuous development by Local Authorities, by Approved Housing Bodies using the Cost Rental Equity Loan, and by the Land Development Agency.

The core principle of Cost Rental is that the rents cover the development, management, and maintenance costs of the homes, so that the long-term future of the homes is financially secure, but that rents are not subject to the pressures of the open market. Rents will increase only in line with consumer inflation, remaining stable in real terms while continuing to cover ongoing costs. Cost Rental homes also come with the added advantage of long-term, secure tenancies regulated by the Affordable Housing Act 2021.

The nature of the Cost Rental model means that, unlike differential rents in social housing for low-income households, the rent is not set according to the income of the tenant. Cost Rental homes are advertised and made available at a certain rent level, which is needed to cover the costs of delivery and provision and so ensure the long-term future of the homes in the sector. What proportion of net income a particular rent represents will vary between households, but Cost Rental is offered as a more affordable option compared to the pressures of the private market. Where new Cost Rental homes receive State funding, projects are planned and managed so as to achieve starting rents which both cover costs and are also at least 25% below comparable homes in the local private rental market.

All Cost Rental providers are legally obliged to make Cost Rental homes available in line with the provisions of Part 3 of the Affordable Housing Act 2021 and associated Regulations. Eligibility and income parameters are a key tool in targeting State-supported homes at those who fall within the moderate income cohort and are considered most in need of affordable housing interventions. The primary eligibility condition for accessing Cost Rental housing is a maximum net annual household income (less income tax, PRSI, USC and superannuation contributions) of €66,000 for Dublin and €59,000 elsewhere.

All Cost Rental properties must be leased to a tenant whose household falls within prescribed eligibility conditions, but because rents must cover costs on an ongoing basis, a landlord must be confident that a prospective tenant can be expected to reliably pay the monthly rent. This is necessary to secure the long-term financial future of Cost Rental projects and ensure that homes are delivered for those who need them. Therefore, under the legislation a designated Cost Rental landlord has final discretion on whether to enter into a tenancy agreement with any particular applicant.