Cost Rental Scheme at An Cnocan, Milleencoola, Bantry, Co. Cork

Cost Rental homes are aimed at people on middle incomes who may have difficulty paying the rent in private rented accommodation, but who do not meet the income criteria for social housing support.

You qualify for Cost Rental Housing if:

• Your household net income is below €59,000 per annum (Net income means that income tax, universal social charge, PRSI and superannuation contributions are deducted from the relevant gross assessable income)*
• You are not in receipt of any social housing supports, including the Housing Assistance Payment (HAP)
• You do not own a property
• Your household size is an acceptable occupancy for the properties advertised. See below. (An Cnocan comprises 8x2-bedroom units, 1x3-bedroom unit and 1x4-bedroom unit)**
• You can afford to pay the rent for the home
• Your household has only applied once for a Cost Rental property in this scheme
   

*Each applicant will be required to clearly outline how they have reached the Household Net Income calculation and upload the supporting documentation

**Acceptable Occupancy for houses:

The following are examples of what size homes may be considered as suitable for various household sizes:

• One-bed property – suitable for a single person or cohabiting couple.
• Two-bed property – suitable for two adults or cohabiting couple/lone parent with 1 or more children.
• Three-bed property – suitable for three adults or cohabiting couple/ lone parent with 2 or more children.
• Four-bed property – suitable for four adults or cohabiting couple/lone parent with 3 or more children

Only one application per household is permitted. Anyone or any household applying multiple times will be disqualified from the process.

An affordability test will be carried out to ensure the rent charged is in the range of 35% of your net household income.

Applications for Cost Rental Housing at An Cnocan, Milleencoola, Bantry open on Monday 14th October 2024.

To apply for a cost rental home you should visit www.corkcoco.ie and follow the link to Cost Rental Housing and the relevant online application form. Complete the application form and submit with all the required supporting documentation.

Applications cannot be made by post, email or over the phone.

There are 10 houses in total, as follows: 8x2 bed terrace houses, 1x3 bed house and 1x4 bed house.

Cost Rental offers a new, long-term and secure rental option for middle-income earners. The rent on these homes is based on the cost of building, managing, and maintaining the homes. Affordability is key and is measured as rent being no more than 35% of your Net Income. The rent for cost Rental Homes will be at least 25% below regular market rents in an area.

An Cnocan, Milleencoola, Bantry rental costs:

• 2-bedroom mid terrace home: €935 per month
• 2-bed end of terrace home: €970 per month
• 3-bedroom home - €1,080 per month
• 4-bedroom house - €1,260 per month

Rent will be adjusted annually in line with the Harmonised Index of Consumer Prices as published by the Central Statistics Office, or such other index as the Minister of Housing may prescribe.

As these are long term rental homes, the houses are unfurnished. This allows residents to furnish their homes according to their own style. However, the following items are included:

• White goods – oven and hob, fridge freezer and washing machine
• Blinds
• Flooring

All utilities (electricity, internet, telephone, etc.) will need to be set up by you.

Cost rental homes are a long-term secure rental option unless there are issues with a breach of your tenancy obligations or rent arrears. After six consecutive months in occupation, your tenancy will become a tenancy of unlimited duration. You will have a tenancy as long as you wish to continue living in your home provided that you comply with your tenancy obligations and the home continues to meet the needs of you and the people living with you as it relates to the number of bedspaces and the size and make-up of the occupants.

Properties are available to move into immediately.

Cork County Council will hold a valid application for no more than 12 months from the date on which the vacancy was advertised and any further vacancy for that house may be selected from the relevant group of applicants, in the order determined by the lottery.

The current Cost Rental Housing Scheme comprises 10 homes at An Cnocan, Milleencoola, Bantry, Co. Cork.

Net household income is calculated by adding together the net income for each household member aged 18 years and over. Net income means that income tax, universal social charge, pension related deductions and PRSI are deducted from the relevant gross assessable income.

You will be asked to provide the following documents to support your calculation of your household income:

If employed:

• Employment Details Summary (formerly P60) for the most recently completed tax year.
• Last three months' payslips.
• Statement of Liability (formerly P21).

If self-employed:

• A minimum of 1 year's accounts, along with an up-to-date tax balancing statement and preliminary tax receipt.

Social Welfare Income - documentary evidence of all social insurance and social assistance payments, allowances and pensions being received by members of the household. As income of household members over 18 is also included in the assessment for qualification, evidence of payments to these household members is also needed.

Income from the following sources may, in all cases, be disregarded for the purposes of assessing income:

• Child benefit or guardian's payment.
• Exceptional or urgent needs payments.
• Carer's allowance.
• Scholarships or higher education grants.
• Foster care payments.
• Domiciliary care allowance.
• Allowances/assistance from charities.
• Fuel allowance.
• Mobility allowance.
• Living alone allowance.
• Rent or mortgage interest supplements; and
• Payments under FÁS schemes.

The cost rent is based on the cost of providing, managing and maintaining the Cost Rental home only. Cost rents are set at a level below the market rents in the area where the development is located. In most cases, the cost rents will be 25% below market rents in the area.

The deposit is one month's rent less €50.

No, only one application per household per development is permitted. Anyone or any household applying multiple times will be disqualified from the process.

However, if you have been unsuccessful, you can apply to the next Cost Rental development when it opens for applications.

No, you do not have to live local to where the Cost Rental scheme is.

No. These properties will not be available to purchase.

Affordability is based on the rent being no more than 35% of your Net Income, this is one of the core eligibility criteria for the scheme.  Applicants will be asked to document their Net Income calculation as part of the information required to move to the next phase.

The following documents will need to be submitted at the time of application:

1. Proof of ID for each household member aged 18 and over,
2. Proof of address,
3. Proof of residency in the Republic of Ireland,
4. Proof of income for all members of the household aged 18 and over
5. Employer reference for all members of the household over 18 or over who are employed,
6. Bank statements for all members of the household aged 18 or over,
7. Landlord reference for all members of the household over 18 or over, if renting. If you are not renting, please provide a character reference and evidence of a track record of savings or contribution to household expenses.

Please have these documents ready when you make your application.  The application process is open from 12.00 noon on Monday 14th October to 12.00 noon on Monday 28th October 2024 and all documentation needs to be uploaded with your application.  For full information on what is acceptable proof for each document please see our FAQ’s below.

Proof of ID for each household member aged 18 and over – one of the following documents:

• Current Valid Signed Passport
• Current Valid Passport Card
• Current Valid Travel Document
• Current Valid EU/EEA Driving Licence– must contain photograph (Irish Provisional accepted)
• Current EU National Identity Card

Proof of Address – one of the following documents:

• Utility Bill e.g. telephone, mobile, gas, electricity, heating, oil, waste collection (where a utility bill is a first bill, a second form of address verification is required)
• Correspondence from a Regulated Financial Institution operating in the Republic of Ireland (Insurance / Assurance Co., Bank, Building Society, Credit Union, Credit Card Company)
• Correspondence from a Government Department / Body.

The applicant’s name and address, consistent with the address used in the application, should be stated on the utility bill or other relevant correspondence. All relevant correspondence should be dated within the previous 3 months.

Proof of residency in the Republic of Ireland:

Documents that are eligible as proof of residence are as follows (Documents should be dated within the last 12 months):

• Employment Details Summary (formerly P60)
• Statement of Payments/Benefits from Dept. of Social Protection
• Tenancy agreement if you are renting
• Bank statements for at least 3 months showing day-to-day transactions or Direct Debits for utility bills
• An employment letter from your current employer, which includes your name, address and date you commenced work.

Proof of income:

If employed:

• Employment Details Summary (formerly P60) for the most recently completed tax year
• Last three months’ payslips
• Statement of Liability (p21)

If self-employed:

• a minimum of 1 year’s accounts, along with an up-to-date tax balancing statement and preliminary tax receipt.

Social Welfare Income

• Documentary evidence of all social insurance and social assistance payments, allowances and pensions being received by members of the household.

As income of household members over 18 is also included in the assessment for qualification, evidence of payments to these household members is also needed.

Employer Reference: This should be dated within the previous 6 weeks.

Bank Statement: This should be dated within the previous 6 weeks.

Please have these documents ready when you make your application.  The application process is open from 12.00 noon on Monday 14th October to 12.00 noon on Monday 28th October 2024 and all documentation needs to be uploaded in this timeframe.

To make sure that Cost Rental homes are let in the fairest and most transparent manner possible, they are let through a lottery system. The lottery will create a random list of all applicants. Once the advertisement period of the scheme has closed, the lottery will take place.

If you are successful and your name is chosen from the lottery, you will be contacted by the Council.

Applicants will be entered into a lottery and selected at random.  If you are selected in the lottery, Cork County Council will contact you to progress your application.

No, we will not be maintaining a waiting list for cost rental housing across multiple schemes. You will be able to apply when each scheme becomes available. Details of other schemes will be made available on www.corkcoco.ie.

Yes, you can withdraw an application at any stage.

Yes, there will. Keep an eye on our website www.corkcoco.ie for further details.

Your circumstances are assessed at point of entry. Should your net household income increase above €59,000 after you have signed your tenancy agreement and have moved into your home, you will still be entitled to continue renting the property. If there is any other change in your circumstances, you should speak immediately to your Cost Rental provider.

Under Affordable Housing legislation the owner of a cost rental house has discretion to proceed or not to proceed with any particular letting notwithstanding that a prospective tenant is eligible under such legislation.

Terms and conditions for Cost Rental Housing in Ireland are set out in the Affordable Housing Act 2021.