29. (1) The owner of a dwelling may apply to the Minister to designate the dwelling as a cost rental dwelling.

(2) An application under this section shall be made in such manner and form, and contain such information, including information regarding the proposed cost rental period and information as to how proposed rents will cover estimated costs, as the Minister may prescribe.

(3) Without prejudice to the generality of subsection (2) an application pursuant to this section shall include the following:

(a) particulars identifying the dwelling to which the application relates;

(b) particulars of the owner’s title to, and any incumbrances on, the dwelling;

(c) the written consent of the holder of any estate or interest in the dwelling or any incumbrancer who, in the opinion of the owner of the dwelling or of the Minister, will be affected by designation of the dwelling as a cost rental dwelling;

(d) a statement of the proposed initial maximum rent in respect of the dwelling calculated in such manner as would over the duration of a stated period of not less than 40 years (in this Part referred to as the “cost calculation period”) amortise a sum not greater than the estimated total cost to the owner (duly apportioned where the application relates to more than one dwelling) of acquiring, developing and otherwise making available the dwelling and of letting the dwelling to tenants under cost rental tenancies for the duration of the cost calculation period in accordance with regulations made by the Minister;

(e) a statement of the proposed minimum cost rental period in respect of the dwelling (in this Part referred to as the “minimum period”);

(f) details of the estimated total cost referred to in paragraph (d) including—

(i) costs associated with making the dwelling available for rent including any capital development or acquisition costs involved,

(ii) financing costs associated with making the dwelling available for rent including debt finance costs, interest charges and limited equity returns,

(iii) necessary and appropriate management costs associated with the dwelling, including costs of letting the dwelling,

(iv) costs associated with necessary and appropriate maintenance of the dwelling during the cost calculation period,

(v) costs of maintaining a prudent contingency surplus in addition to a sinking fund created to meet projected maintenance costs associated with the dwelling during the cost calculation period;

(g) a declaration that all factual statements contained in the application are true and correct to the best of the applicant’s knowledge, information and belief;

(h) a declaration that the owner and the owner’s successors in title will comply with the obligations of an owner if the dwelling is designated as a cost rental dwelling.

(4) The proposed minimum period referred to in subsection (3)(e) shall be a period not less than the cost calculation period.

(5) The Minister may request such additional and supplementary information as he or she requires to determine an application under this section.

(6) Where the owner of a dwelling amends an application under this section the owner shall provide a revised declaration referred to in subsection (3)(g).