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Monday, 20th November 2023

Minister O’Brien launches Louth’s first Cost Rental Scheme homes

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Minister for Housing Darragh O'Brien speaking at the official opening of Louth's inaugural cost rental development at Ferrard Court.

Minister for Housing, Local Government, and Heritage, Darragh O’Brien TD, visited Drogheda in recent days to officially unveil the Ferrard Court cost rental housing development in the Twenties.

This brand-new residential scheme is a partnership between Tuath, Louth County Council, the Department of Housing, Local Government, and Heritage, and The Housing Agency, comprises 34 cost rental homes.

The funding for Ferrard Court is a combination of the Cost Rental Equity Loan (CREL) funding from the Department and private finance through the Housing Finance Agency (HFA).

The 34-A rated apartments are part of a 70-home development built by CFS Homes Ltd. Ferrard Court represents the inaugural delivery of cost rental homes in County Louth under this programme, offering secure, affordable housing with rental prices nearly 30% below comparable properties in the area.

Minister for Housing, Darragh O’Brien said, “It’s great to see Co. Louth’s first affordable cost rental homes open. The first of many I hope. Cost rental is beginning to take hold across the country with safe and secure long-term tenancies at rates which are approximately 25% less than local market rates.

"Turning the sod on the new assisted living homes is a particular joy and I look forward to seeing these delivered. I want to thank Tuath for their continued efforts in delivering top quality homes, they are key partners in our Housing for All plan.”   

Earlier in the day the Minister had visited the Coulter Close development site in Dundalk, where he viewed a 7-home development designed to provide long-term accommodation tailored to individuals with specific needs.

This supportive living project is a collaboration between Tuath Housing, Louth County Council, HSE, St. John of God Northeast Services, and Inclusion Louth, a local charity supporting families dealing with various intellectual disabilities. The main contractor for this Tuath Direct-Build initiative is CJ Callan Construction Ltd, with funding facilitated through the Capital Assistance Scheme via the Department of Housing.

Director of Housing at Louth County Council, Ger Murphy said “Louth County Council is delighted that the first cost rental in the the County has been delivered by Tuath, an approved housing body that has a longstanding working partnership with the Council.

“We look forward to the future delivery of even more homes, including the Coulter Close development in Dundalk, remaining steadfast in our commitment to meeting the varying housing needs of the people of Louth.”

Prof. Paddy Gray of Tuath commented, “… Tuath are proud to be part of this milestone delivery for the county with the provision of Louth’s first-ever cost rental homes, while we look forward to the completion of the Coulter Close development in Dundalk, designed to offer specialised accommodation and a supportive, safe and secure place to live for its future residents."

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