The Government has announced funding of €100 million to deliver 547 new cost rental homes across five different local authorities.

This funding will increase the number of affordable secure rental homes which are in high demand in areas across Ireland.

The funding announced will provide for the following developments:

• 28 new cost rental homes in Co. Laois

• 25 new cost rental homes in Co. Kildare

• 25 new cost rental homes in Kilkenny City

• 51 new cost rental homes in Cork City

• 417 new cost rental homes in Dublin City

The Minister for Housing, Local Government and Heritage, Darragh O'Brien TD, said:

"The affordable cost rental homes delivered to date have been extremely popular with most schemes oversubscribed. The high demand is a clear indication of the success of this form of housing and the effectiveness of our cost rental approach. It’s vital that we scale up supply, and approvals such as these are ensuring we can do just that.”

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"Cost rental means affordable rents – it means security of tenure, it means top quality homes and perhaps most importantly it means peace of mind for tenants, allowing them to establish roots in an area and plan for the future.

"Cost rental is just one of a number of options this Government has introduced to bring affordability back to the heart of our housing system. Over €675m has already been approved to assist in the delivery of over 3,250 Cost Rental homes across 12 local authority areas. Today’s announcement serves as an additional boost to the pipeline of new, cost rental homes."

Housing for All aims to offer affordable housing options for both purchase and rental. Through the cost rental scheme, rents are set at least 25 per cent lower than the comparable market rates in the area, with certain projects achieving even steeper discounts of up to 50 per cent. Through these reduced rates, cost rental addresses the affordability challenges faced by some people in the housing market and helps individuals and families to find homes that meet their needs and budget.