A new scheme to address the housing shortage is due to be launched in Waterford.
The Cost Rental Scheme allows people on middle incomes to secure housing units in designated developments, with long-term agreements in place.
Waterford's first Cost Rental Scheme is set to deliver 98 housing units at Mount Neil in Carrickpherish to be contracted immediately.
Speaking to WLR News, Senator John Cummins welcomed the decision.
Mountneil Site Plan
"I think it's fantastic news that Waterford's first cost rental units comprising of 90 two, three, and four-bed homes at Mount Neil in Carrickpherish are to be contracted imminently. There are very good facilities in the area with schools, a library, a community hall, bus routes, and private housing construction that recommenced recently.
"Cost Rental is a new tenure type in Ireland, which is based on the Vienna Model. The scheme provides long-term secure rental tenancies for those who are above the threshold for social housing.
"Applicants must have a net take-home pay after tax of below €53,000 per annum, but it is expected to be revised upwards shortly. Rents are pitched at least 25% below market rents. This is a very significant intervention by the government, in what is a very constrained rental market in Waterford.
"The scheme will be delivered by Frisby Homes in partnership with Circle Housing Agency. Works are expected to commence in August, with the first phase available in the first quarter of next year."
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