Planning permission for what would be Dublin’s first cost-rental scheme is to be lodged with An Bord Pleanála in 2021. The scheme of 484 apartments is to be built on what was known as the St Michael’s Estate in Inchicore and will consist of around 400 apartments in the cost-rental system, the rest being social housing.
Rent rates in the cost-rental scheme, rather than market prices, will be calculated so that the costs of construction, including financing and management, are covered. Low and middle-income workers are expected to pay rents averaging €1,300. However, there are hopes that this could be reduced even further if a more favourable financing package is negotiated.
It is hoped that construction would begin in early 2022, with the project taking 3 years to complete.
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