Dublin council to borrow €36.5m to fund additional affordable purchase homes at O’Devaney Gardens

The Irish Times reports on Dublin City Council's ambitious plan to secure affordable housing at the O’Devaney Gardens site. By borrowing €36.5 million, the council aims to increase the number of affordable purchase homes, ensuring that the vast majority of the 1,000+ unit development will be dedicated to social, affordable purchase, and cost-rental housing. This move is crucial in preventing the sale of private market housing, a point of contention in previous redevelopment attempts.

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The move, coupled with a planned increase the number of cost-rental homes, would prevent the sale of any private market housing in the vast development of more than 1,000 apartments.

The history of O’Devaney Gardens is a cautionary tale of stalled regeneration projects. Originally slated for redevelopment 20 years ago, the site has seen multiple failed agreements, most notably with developer Bernard McNamara before the 2008 property crash. It wasn't until 2019 that a new agreement with Bartra was reached, but even then, securing council approval required significant concessions, including the provision of cost-rental homes.

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O’Devaney Gardens was to have been rebuilt 20 years ago under an agreement between the council and developer Bernard McNamara, but the deal collapsed at the outset of the property crash in 2008.

This latest development signifies a commitment to prioritizing affordable housing in Dublin, a city grappling with a severe housing crisis. The council's willingness to borrow substantial funds and work with housing associations like Tuath demonstrates a proactive approach to addressing the needs of various income groups. The inclusion of cost-rental units, specifically for workers struggling with private market rents, is a particularly welcome aspect, reflecting a nuanced understanding of the housing spectrum in Ireland.

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There was to be a mix of 30 per cent social housing, 20 per affordable purchase housing, and 50 per cent available to Bartra to sell privately.