TD Laois, who is the minister responsible for supervised credit unions, has welcomed a new large fund for social and affordable housing.
Seán Fleming, Minister of State at the Ministry of Finance, said the Credit Union Approved Housing Body Fund would oversee up to € 800 million of investments in social and affordable housing across the country. He added that the Fund will invest 200 million euros over the next 12 months.
He said it was a first for the Irish credit union and licensed housing agency sectors and had been widely praised for its collaborative approach to help tackle the housing crisis. Minister Fleming explained that the planned initial investment of 200 million euros by credit unions will allow the delivery of more than 1,000 homes, with the Fund eventually being approved for an investment of up to 800 million euros in mid and long term.
Laois Offaly TD said the fund created has the backing of four credit unions: Core, Dubco, Heritage and Progressive and is open to all credit unions across the country to invest.
“I would like to congratulate the four credit unions for establishing a fund authorized by the Central Bank to invest in licensed housing organizations,” said Fianna Fáil TD.
“This will give a welcome boost to the provision of social housing in Laois and across the country. It was a commitment in the Fianna Fáil manifesto that we presented to the government. This new fund will help support the implementation of our Housing for All action plan. , which is the largest state-run construction program in Irish history.
“The progress made by the Credit Union Approved Housing Body Fund and other collaborative ventures should inspire further growth in collaborative efforts. In the coming months, I will present new policy proposals to help develop and support credit unions, ”he said.