The Land Development Agency (LDA) has today announced that it will soon open the application process for 81 cost rental homes at The Mills in Castletroy in Limerick.
The 81 homes include 36 one-bed and 45 two-bed apartments. The monthly rent for a one-bed apartment is €990 and the rent for a two-bed is €1,235.
This is the first time that cost rental homes have been delivered by the LDA in Limerick. They have been delivered in partnership with Cairn Homes through the Government’s Project Tosaigh initiative.
The application portal for the homes will open in January 2025, and would-be applicants are urged to closely study the eligibility criteria for cost rental homes and to ensure they fulfil the requirements ahead of the application process. They are also advised to prepare the documentation they will require to secure a home if they are selected through the initial lottery process.
Created under the Affordable Housing Act 2021, cost rental offers a long-term secure rental option at below market rates for would-be renters who do not qualify for social housing but who cannot access the private market without support. The rents are based on the cost of building, maintaining and managing the homes and are at least 25% below market rates.
Applicants for these cost rental homes must have a net household income below €59,000. They must also be able to afford the rent advertised, which should not account for more than 35% of their monthly net income.
The apartments at The Mills are A-rated and come with fitted kitchens and wardrobes. The residential development is located just off the Dublin Road in Castletroy, about 6 kilometres from Limerick City Centre and near to major employment areas such as the National Technology Park, Annacotty Business Park and the University of Limerick.
Residents will have easy access to supermarkets and to Castletroy Town Centre which includes a range of shops and restaurants. The area is connected to the Castletroy Urban Greenway, which allows for car-free access to schools, shops, a cinema, a local park and other amenities and services.
The Mills is also well-served by public transport with frequent bus services running nearby to Limerick City Centre and the University of Limerick.
The planned release of the cost rental homes at The Mills builds on the LDA’s ongoing activity in Limerick. The Agency recently announced that it had appointed a multi-disciplinary design team for a new 290-home development in the city’s Docklands.
John Coleman, Chief Executive of the LDA said:
“This is an exciting development for the LDA and a fantastic opportunity for eligible renters to secure a new and affordable home in a well-served and sought-after area. The apartments at The Mills are the first cost rental homes to be delivered by the LDA in Limerick and build on our ongoing housing activity in the city and its suburbs. The LDA is central to addressing the country’s housing need and this involves delivering both cost rental and affordable purchase homes on state or acquired land in addition to partnering with homebuilders to finance and acquire homes in new developments. I would like to thank Cairn Homes, our partners on this project and Limerick City and County Council for their assistance and ongoing support of the Agency’s work.
“The full details of the application process for the homes at The Mills will be released in the new year. I would urge all would-be applicants to review the eligibility criteria carefully and to prepare their applications in advance. Renting a cost rental home provides tenants with secure accommodation at a rent they can afford. We have already launched a series of cost rental homes in Dublin, Wicklow and Kildare and they have all been or are in the process of being successfully occupied.”
Further information about the application process will be made available on the LDA’s website and social media channels in January 2025.
