Cost-rental prices will start at €1,000 per month for a one-bedroom apartment at a new development at Shanganagh Castle in Shankill.
Construction of 597 social and affordable homes will get under way early this year with work expected to be complete on the new development by 2023.
The development will include 200 social housing units, 91 affordable purchase units and 306 cost-rental units.
The cost-rental units will give people who are above the income threshold for social housing or HAP and others a chance to rent at a reduced rate while they save for a deposit to buy their own home, according to Cormac Devlin, Fianna Fáil TD for Dun Laoghaire-Rathdown.
They are expected to be let for about €1,000 per month for one-beds and €1,200 to €1,300 for two-bed units, according to the TD.
The current market rate for a two-bedroom unit in the area is approximately €2,000.
'Great credit must go to DLR Councillors and officials who worked so hard to develop the project and work with local residents,' said Deputy Devlin.
'Planning permission was granted in July and councillors voted to approve the scheme last November. Subject to Covid, I would expect construction to start this summer, with preparations already under way for a new DART station at Woodbrook to link the scheme with the public transport network.'
The development will include a crèche, a gym, 1,200 bicycle places and a shop and café, as well as communal lounge areas and business pods.
The Shanganagh Castle site was originally acquired by the county council in 2013 when they agreed a deal for a land swap with Castlethorn Construction.
The 18th century castle was a juvenile detention centre between 1969 and 2002.
The council traded eleven acres of land on the coastal side of the Dart line for the 6.3 acre site including two other plots.
This development is the largest social and affordable scheme with planning permission in Ireland at the moment, according to the Land Development Agency, which will manage the cost-rental aspect.
The site occupies nine hectares adjacent to Shanganagh Castle, Shanganagh Park and Castle Farm.
The cost of the affordable housing for sale aspect of the scheme has yet to be released.