Cost Rental, Affordable Homes
Everything you need to know
**The Sidings, Adamstown**
Applications Now Closed
What is a Cost Rental, Affordable Home?
Cost Rental, Affordable Homes is a new housing tenure that was created under the Affordable Housing Act 2021. It is a government backed scheme that offers a long-term, secure rental option to those who cannot otherwise secure a home.
Rents for Cost Rental, Affordable homes are offered at a rate that is typically 25% lower than the local market value. This is possible through government supports that allow developers and operators of Cost Rental Affordable Homes to offer these reduced rents on a not-for-profit basis, with rents calculated to cover the cost of the building, it’s on-going management and maintenance.
What are the benefits?
Apart from the 25% discounted rent that successful residents pay for their new home, one of the most significant benefits of a Cost Rental accommodation is that if you pay your rent and meet all your other tenant obligations, you may continue to rent your home for as long as you want.
Am I eligible to apply for a Cost Rental, Affordable Home?
The eligibility criteria for a Cost Rental, Affordable Home is very specific.
To qualify...
Your net household income, for should be less than €66,000 per annum. Your Net Household Income is the combined net earnings (after tax) of all householders over 18 years
You are not in receipt of any social housing supports
You do not own a property
Your household size matches the size of the property advertised
You can afford to pay the cost rent for the home.
Your household has only entered one application for a specific cost rental property at The Sidings
How do I calculate my Net Household Income?
Net household income is calculated by adding together the net income for each household member aged 18 years and over. Net income means that income tax, universal social charge, PRSI and superannuation are deducted from the relevant gross assessable income.
The following are examples of income that is taken into account when assessing eligibility for Cost Rental, Affordable Housing...
Income from employment including overtime, bonuses and commissions. Overtime payments, commissions and bonuses will be assessable as follows:
Overtime – generally restricted to a maximum of 10% of basic income, but regular overtime may be taken into account;
Bonus – restricted to a maximum of 10% of basic income;
Commission – restricted to a maximum of 30% of basic income, where applicable;
Public sector employee pensionable allowances.
Income from self-employment;
Maintenance payments received, subject to criteria set out in the Guidance notes on the Household Means Policy of 30 March 2011
Income from dividends, capital investments and other similar sources of income;
Occupational and social welfare pensions, from whatever source, including from abroad, and
All income from social insurance and social assistance payments, allowances, and benefits, including Family Income Supplement is assessable, with the exception of the below.
Income from the following sources are NOT taken into account, so are excluded, for the purposes of assessing income:
Child benefit or guardian’s payment;
Exceptional or urgent needs payments;
Carer’s allowance;
Scholarships or higher education grants;
Foster care payments;
Domiciliary care allowance;
Allowances/assistance from charities;
Fuel allowance;
Mobility allowance;
Living alone allowance;
Rent or mortgage interest supplements; and
Payments under FÁS schemes; and
Redundancy due to lose of a job because the employer is closing the business or reducing the number of staff.
What documents do I need to apply?
In preparation for your application, you will need the following documents, it is advisable that you gather all of the below documents to make sure you can submit and complete the application process with the required 72 hour timeframe:
Proof of ID for each household member, including children.
Proof of your current address.
Proof of Irish residency.
Proof of income for all members of the household aged over 18.
Employer reference for all employed members of your household over 18.
Bank statements for all members of your household aged over 18.
Landlord reference for all members of your household aged over 18
OR
If you have not rented previously, you may be required to provide additional information including a character reference and evidence of a track record of savings or contribution to household expenses.
What size Cost Rental, Affordable Home can I apply for?
If you are eligible, you can apply for a home that is appropriate to your needs. Applications cannot be considered if it will lead to over occupation of a property. Over occupation is where more than two children are occupying one bedroom per household.
The following are considered the correct occupation levels by home size.
One-bed home– suitable for one adult or a cohabiting couple
Two-bed home – suitable for two single adults in a house share or cohabiting couple/lone parent with 1 or 2 children
Three-bed home – suitable for three single adults in a house share or cohabiting couple/lone parent with 2 to 3 children
Four-bed home – suitable for four single adults in a house share or cohabiting couple/lone parent with 3 to 5 children
How do I apply?
There are 5 steps in the application process. Once you have:
Found a suitable Cost Rental, Affordable Homes development in the area you are looking in and with accommodation available suited to your needs,
Established that you satisfy the eligibility criteria,
Are clear about the size and availability of the home that suits your needs and
Have gathered all the necessary documentation, as outlined below,
Then you are ready to being the application process.
Application Process
Step 1. Apply to Register your Interest with the operator of the application process.
Once this request is received, you will receive an email inviting you to enter the lottery process.
Step 2. Following the lottery selection process, if successful you will receive a further email letting you know that you have progressed to the screening stage.
Step 3. You will then be invited to submit your gathered documentation within 72 hours from receipt of the email.
Step 4: If required, you may be asked to submit further information or documentation to support your application.
Once your application has been fully reviewed, you will receive a notification to let you know whether your application has been approved or declined.
Step 5. If your application is approved, you will then be invited to view your allocated apartment, select a move in date and start the process of drawing up your lease agreement.
Once approved, typically you can expect to move into your new home within 6 weeks.
Where do I apply?
Check out our Cost Rental, Affordable Home development details below,
The Sidings, Adamstown.
Oaklee is proud to present our first cost rental homes at The Sidings, Adamstown, Co. Dublin. Cost rental housing is open to people who do not qualify for social housing but whose net household income is less than €66,000 per annum. This new type of rental accommodation is supported by the Department of Housing, Local Government and Heritage, the Housing Finance Agency and South Dublin County Council.
The development comprises of 154 units including 71 one-bedroom apartments, 81 two-bedroom apartments and 2 three-bedroom apartments.
1-bedroom apartment: €1,525/month
2-bed apartment: €1,705/month
3-bed apartment: €1,800/month
The development offers a superb offering of spacious apartment types which are expertly designed to cater for all needs of today's lifestyles. Consisting of a range of layouts and unit types, the key features include modern kitchen, living room with spacious balcony, bedrooms with fitted wardrobes, en-suite, separate utility room and an abundance of storage.
Location
The Sidings as a destination includes a significant retail amenity, Tesco, Aldi, a new three-acre public park. This, combined with a host of childcare, primary and secondary schools, ensures that Station View residents have all that they need on their doorstep. It is a short distance from the N3 and M50 Motorways, providing easy access in and out of Dublin City Centre and further afield for people travelling by car. The development is also close to a host of key employment hubs including Grange Castle and Park West Business Campus' as well as Intel Leixlip. There are also regular bus services to "The Crossings" with the 25B and 25 D bus / terminus just minutes' walk away. Register your interest now to arrange a viewing to be part of this exciting new community.
Eligibility
You are eligible for a cost rental home if you meet the following criteria;
Net annual household income is below €66,000 for Dublin. Applicants will have to prove how they have calculated their net household income.
You are not in receipt of any social housing supports (including Rent Supplement or HAP).
You do not own a property.
Your household size is suitable for the size of the property advertised (all members of the household must be living in Ireland at the time of applying).
You can afford to pay the rent for the home.
Your household has only entered one application for a cost rental property.
And remember...
Applicants will be required to submit supporting documentation to evidence affordability. Only one application per household is permitted. Anyone or any household applying multiple times will be disqualified from the lottery.
You must include all members of your household when completing your Expression of Interest. If you do not include all members of your household in your Expression of Interest, you will be deemed ineligible.
And finally, being drawn from the lottery is not an offer of accommodation; you must submit all documentation within 72 hours of request to submit documents and you must meet all criteria before being assessed and considered.
Terms and conditions for cost rental housing in Ireland are set out in the Affordable Housing Act 2021.
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Frequently asked questions
Frequentaly asked questions
To allocate the properties in the fairest way possible after meeting affordability, we use a random selection process and contact people to commence verification. We will ask you to submit the following documentation to confirm eligibility. Having registered your interest in applying for a Cost Rental, Affordable Home, you will be expected to provide all of these documents with 72 hours following the invitation to participate in the lottery, so you should have them ready to go before you apply.
It is important to note, that the invitation to participate in the lottery is simply the next stage in the process and is not an offer letter.
The following is a list of all documents you will be required to submit in order to proceed with your application:
Letter outlining how you reached your Household 'Net Income' calculation for all household members over 18 years.
If employed: Employment Details Summary (formerly P60) for the most recently completed tax year.
Last three months’ payslips.
Statement of Liability (p21).
If self-employed– a minimum of 1 year’s accounts, along with an up-to-date tax balancing statement and preliminary tax receipt.
Social Welfare Income – documentary evidence of all social insurance and social assistance payments, allowances and pensions being received by members of the household. As income of household members over 18 is also included in the assessment for qualification, evidence of payments to these household members is also needed.
Proof of ID for each household member, including children, documents required include Proof of ID (Current Valid Signed Passport/Current Valid Passport Card/Current Valid Travel Document/Current Valid EU/EEA Driving Licence– must contain photograph (Irish Provisional accepted)/Current EU National Identity Card).
Proof of Address documents required include, tenancy agreement, utility Bill e.g. telephone, mobile, gas, electricity, heating, oil, waste collection (where a utility bill is a first bill, a second form of address verification is required), correspondence from a Regulated Financial Institution operating in the Republic of Ireland (Insurance / Assurance Co., Bank, Building Society, Credit Union, Credit Card Company)/Correspondence from a Government Department / Body).
Proof of Residency documents required include tenancy agreement, employer letter, P60, Statement of Payments/Benefits from Dept. of Social Protection. Applicants on Tourist or Study visas do not qualify.
Revenue statements demonstrating tax domicile, Employment Detailed Summary, statement of payments/benefits from the Department of Social Protection.
PPS Number for each household member.
Employer Reference for all members of the household over 18, this letter should confirm you are currently an employee of the organisation, your address, contract length, start date and salary.
Landlord Reference for all members of the household over 18, this should contain a contact phone number and email of the Landlord. It should be dated within the previous 6 weeks It should also state the duration of the tenancy (start and end date) and the current rent paid. Copy of Lease Agreement should be provided, if you are renting.
Bank Statements for all members of the household over 18. Please ensure that we are in receipt of THREE months bank statements from all Adult applicants. Please highlight on the bank statement where the last three month rental payments have been made.
We advice you to have these documents ready when you register your interest. If your application is successful, you will have 72 hours to upload your documents and complete the application process. If you do miss this deadline the invitation to participate in the lottery will be revoked.
The following is a list of acceptable proof for each document you will be asked to provide.
Proof of ID for each household member, including children, documents required include Proof of ID (Current Valid Signed Passport/Current Valid Passport Card/Current Valid Travel Document/Current Valid EU/EEA Driving Licence– must contain photograph (Irish Provisional accepted)/Current EU National Identity Card).
Proof of Address documents required include (Utility Bill e.g. telephone, mobile, gas, electricity, heating, oil, waste collection (where a utility bill is a first bill, a second form of address verification is required)/Correspondence from a Regulated Financial Institution operating in the Republic of Ireland (Insurance / Assurance Co., Bank, Building Society, Credit Union, Credit Card Company)/Correspondence from a Government Department / Body)
Proof of Residency documents required include tenancy agreement, employer letter, P60, Statement of Payments/Benefits from Dept. of Social Protection.
Employer Reference for all members of the household over 18, this letter should confirm your salary, address and start date and if you are an employee for each member.
Landlord Reference for all members of the household over 18, this should contain a contact phone number and email of the Landlord. It should be dated within the previous 6 weeks It should also state the duration of the tenancy (start and end date) and the current rent paid. Copy of Lease Agreement should be provided, if you are renting.
Bank Statements for all members of the household over 18. Please ensure that we are in receipt of THREE months bank statements from all Adult applicants. Please highlight on the bank statement where the last three month rental payments have been made.
To demonstrate you income please provide the following documents;
Letter outlining how you reached your Household 'Net Income' calculation including all household members over 18 years.
If employed: Employment Details Summary (formerly P60) for the most recently completed tax year.
Last three months’ payslips.
Statement of Liability (p21).
If self-employed– a minimum of 1 year’s accounts, along with an up-to-date tax balancing statement and preliminary tax receipt.
Social Welfare Income – documentary evidence of all social insurance and social assistance payments, allowances and pensions being received by members of the household. As income of household members over 18 is also included in the assessment for qualification, evidence of payments to these household members is also needed.
The deposits for each unit type will be one months rent less 50 euro.
Individual properties are unfurnished to allow residents to furnish them according to their own taste and to provide below market rents. However, the following items are included;
White goods (fridge-freezer, dishwasher, oven & hob, microwave, washer-dryer)
Roller blinds, with blackout blinds in bedrooms.
Flooring – laminate flooring throughout, except bathrooms, which are tiled.
You should be aware that all utilities (electricity, internet, telephone, etc.) will need to be set up by the resident
The Sidings does not allow pets.
Provided there are no issues with breach of tenancy or rent arrears, after six months in occupation you will have a tenancy of unlimited duration, subject to you complying with your tenancy obligations and the unit continues to meet the needs of you and the people living with you as it relates to the number of bedspaces and the size and make up of the occupants.
These properties are a long-term rental option that offer security of tenure.
Applications are assessed at point of entry. If for example, after you’ve been allocated a property your household income increased above €59,000 outside Dublin and above €66,000 within Dublin you would still be entitled to continue renting the property.
Affordability is based on the rent being no more than 35% of your Net Income, this is one of the core eligibility criteria for the scheme and will be used to initially stream applicants into the lottery. Applicants successful in the lottery will be asked to document their Net Income calculation as part of the information required to move to the next phase.
If we have insufficient expressions of interest from applicants who meet the affordability criteria we may open a lottery for applicants in excess of this figure. However they will be asked to provide details of their rent history for the previous two years (that they have paid a similar or higher rent) and to demonstrate they have not defaulted on rent in order to assess their ability to pay a higher percentage of Net Income as rent.
The lottery system is run once the advertising of the properties has ceased. This is operated by an external agency with a full audit trail for transparency. The lottery will create, at random, a list of all applicants and applicants are contacted from the top of the list and invited to submit their documents within 72 hours.
Yes, applicants can apply for multiple schemes. However, if your application is successful for more than one scheme, you can only accept one offer.