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€800 million Credit Union fund to support the delivery of social and affordable housing

Laois County Council Housing

More social and affordable houses are on the cards following the establishment of the Credit Union Approved Housing Body Fund.

The Fund, launched today, will oversee up to €800 million investment in social and affordable homes all across the country. It will invest €200 million in the next 12 months.

This is a first for the Irish Credit Union and Approved Housing Body sectors and has been widely welcomed for its collaborative approach to helping solve the housing crisis.

The initial planned investment of €200 million by credit unions will allow for the delivery of upwards of 1,000 homes, with the Fund ultimately approved for investment of up to €800 million in the medium to long term.

The Fund has been established with backing of four Credit Unions: Core, Dubco, Heritage and Progressive and is open to all credit unions throughout the country to invest in.

Speaking at today’s announcement, Minister of State with responsibility for Credit Unions, Sean Fleming TD said this fund would aid the delivery of social houses in Laois.

He said: “I would like to congratulate the four Credit Unions on the establishment of a Fund authorised by the Central Bank to invest in Approved Housing Bodies.

“This will provide a welcome boost in delivery of social housing in Laois and all across the country. This was a commitment in Fianna Fáil’s manifesto that we have delivered in Government.

“This new Fund will help support the delivery of our Housing for All Action Plan, which is the largest State led building programme in Ireland’s history.

“The progress made by the Credit Union Approved Housing Body Fund and other collaborative ventures should inspire further growth of further collaborative efforts.

“In the months ahead, I shall bring forward new policy proposals to help grow and support Credit Unions.”

SEE ALSO – Laois company one of 14 winners at 2021 Enterprise Ireland Innovation Arena Awards

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Stradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016.