Under the Government's Cost Rental Programme, rents must be at least 25% below open market values.
The new Lancaster Gate community comprises of 88 one and two-bedroom apartments - 73 of which are Cost Rental homes.
All the homes have been allocated and the first residents start moving in from today.
Monthly rent for Clúid-built homes is roughly 45% below local market rates, with one-bed apartments costing €990 per calendar month and two-bed apartments €1,100 a month.
The criteria for eligibility included a net household income below €53,000 per annum, no existing home ownership, the ability to pay the reduced rent and not being in receipt of any other social housing supports.
There were over 1,200 applications for the 73 Cost Rental properties. The residents were chosen by a automated random selection system.
Taoiseach Micheál Martin, and the Lord Mayor of Cork, Councillor Deirdre Forde, will launch the cost-rental scheme at Lancaster Gate later today.
