The State's first cost rental housing scheme has opened for lottery style applications.

The development at Taylor Hill in Balbriggan involves 25 houses which were purchased by the housing body, Clúid.

Eligible applicants are those who earn less than €53,000 a year and who are not in receipt of social housing supports.

The houses are distributed throughout the new mixed tenure estate developed by Glenveagh, with a total of 385 houses, including 85 social units.

The cost rental model involves Approved Housing Bodies renting out homes long term at a price that meets the cost of the build and maintenance.

Under the scheme homes have to be at least 25% below market rates, but Clúid said the Balbriggan units are 50% cheaper.

The rents will be:

2 bed house - €935 per month
3 bed house - €1,100 per month
4 bed house - €1,150 per month

Applications will be put into a lottery with a view to the successful tenants moving in during August.

The Government is giving €35 million with funding of €100 million coming from the Housing Finance Agency to Clúid, as well as Respond and Tuath, to provide 390 cost rental homes planned to be completed by the end of the year.

Minister for Housing Darragh O'Brien said: "Cost rental aims to help households with moderate income access affordable, secure tenancies in accommodation suitable to their needs."

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