Just under 100 new homes are about to be delivered at Mountneil in Waterford city under a new Cost Rental Housing Scheme announced last evening (Monday).

The housing will offer secure rental tenancies for those who are above the threshold for social housing and have a net take home pay of below 53,000 per annum.

'Cost Rental' is new to Ireland; based on a Vienna model which provides long-term, secure tenancies for individuals, couples and families with rents at least 25% below the market rate.

The 98 city homes will be two-three and four-bedroom rentals.

They're expected to be contracted imminently with works to begin in August and hopes high that the first phase will be available in the new year.

The houses will then be made available through Circle Voluntary Housing Agency with qualifying applicants chosen through a lottery system if oversubscribed.

Rents are expected to be in the region of 975 for a two-bed; 1100 for a three-bed and 1250 for a four-bed.

Further schemes are being examined currently for both Waterford city and Dungarvan.

Senator John Cummins, FG's party spokesperson on Housing, Local Government and Heritage, spoke about the new scheme on Deise Today this morning (Tues) with Damien.

You can listen back to that by clicking on the image above.