Fifty ‘cost rental’ homes will be delivered in the first scheme of its kind in Ireland.
Housing Minister Eoghan Murphy turned the sod on the project near Stepaside, South Dublin were the homes are due to be finished in 2021.
He said he hopes it will be a model for similar developments nationwide.
Starting rents at the two-bedroom homes will be €1,200-per-month – considerably lower than the market rate in the area.
The scheme is aimed at people who don’t qualify for social housing, but can’t afford the cost of spiraling rents.
Individuals will be eligible if they earn less than €50,000-a-year or €75,000 for a couple.
Under cost rental schemes tenants pay sums that cover the cost of building, managing and maintaining the homes.
The development near Stepaside will also see 105 social homes being built.
The Respond and Tuath Housing Associations will be delivering the scheme in partnership with Dún Laoghaire-Rathdown County Council.
Read more here: Rory Hearne: ‘Cost-rental homes could fix our housing crisis – but the Government must commit’
The land was provided by the Housing Agency under the Land Aggregation Scheme.
The overall development value of the 155 homes and a community facility is in the order of €55m.
Mr Murphy said the cost rental model “will provide affordable homes to middle and lower income earners at a cost to residents that is significantly below market rates.”
He added: “Work is underway within my Department and with a range of State agencies to complete a national policy framework for Cost Rental that will detail the optimum means of delivering units at scale, and set out the structures for its operation.”
He said: “The lessons that will be learned through this pilot project will be important in helping to shape this model into the future.”
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