Ireland’s largest approved housing body delivers the first 52 social homes through new private finance facility for AHBs
Minister of State at the Department of Finance, Jennifer Carroll MacNeill TD, visited the Parklands development in Citywest today to announce the first collaboration between Tuath Housing, the Credit Union Approved Housing Body (AHB) Fund, South Dublin County Council, and the Department of Housing, Local Government and Heritage.
This partnership has enabled the delivery of 52 Part V social homes, addressing the critical need for affordable housing in the region through a new stream of private finance from credit unions. The first phase, consisting of 15 homes, is now ready for letting to people from the South Dublin County Council housing waiting list.
The CU AHB Fund, supported by credit unions, played a crucial role in facilitating the provision of these 52 much-needed social homes. Credit unions are collectively demonstrating their potential to invest up to €1 billion in this fund, consistent with their mission of supporting communities and promoting social and affordable housing initiatives.
Tuath Housing has already delivered 42 cost rental homes in Parklands and are delighted to partner with the Department of Housing and the CU AHB Fund to realise the vision of constructing these 52 Part V homes. The initiative utilises Capital Advance Leasing Facility (CALF) funding from the Department of Housing and private finance from the CU AHB Fund.
Notably, this marks the first occasion on which Tuath Housing has leveraged the Credit Unions via the CU AHB Fund for housing delivery, emphasising the Fund’s significance in addressing housing challenges between two like-minded, not-for-profit sectors that share common values and a deep-rooted connection to their communities.
Minister Jennifer Carroll MacNeill TD commended the collaboration, stating;
“Credit unions have a long and proud tradition in Ireland of supporting their members and their local communities. The 52 new social homes at Parklands in Citywest is a wonderful example of Credit Unions coming together to use their member’s resources to invest in their communities.
By working together, Credit Unions, Tuath Housing, South Dublin County Council, and the Department of Housing have shown their commitment to finding innovative ways to provide funding for affordable and social housing options needed in Ireland. Long may it continue.”
The CU AHB Fund offers credit unions a unique platform to invest in loans provided to Approved Housing Bodies, enabling them to actively participate in the development of social housing.
The Fund presents credit unions with an exceptional Environmental, Social, and Governance (ESG) investment opportunity, aligning with their core values and commitment to community well-being. Credit unions have been appointed Sustainable Development Goal (SDG) champions by the Department of the Environment, Climate and Communications for 2023 and 2024 and their participation in the CU AHB Fund serves as a solid foundation for credit unions to expand their impact in the housing sector and contribute to future social housing endeavours.
This partnership between Tuath Housing, the Department of Housing, and the CU AHB Fund sets a remarkable precedent for future collaborations that can address the pressing need for affordable housing in communities.
Minister for Housing, Local Government and Heritage, Darragh O’Brien stated;
“This is a really welcome innovation and one I hope to see a lot more of in the future. I want to acknowledge the hard work and effort that Tuath and their partners in the Credit Union, South Dublin County Council and in my own Dept have put into this exciting project”.
Tuath’s Chairperson, Prof. Paddy Gray praised the funding initiative noting;
“Tuath’s collaboration with the CU AHB Fund and the Department of Housing marks a significant milestone in addressing the urgent need for affordable housing. By joining forces, we were able to leverage private finance to deliver 52 much needed social homes, making a tangible impact on the local communities. This partnership exemplifies our commitment to providing quality, affordable housing and sets the stage for future collaborations to create sustainable housing solutions for all.”
Brian Murphy, chairman of the CU AHB Fund said;
“The provision of local social housing is fundamental to the creation and preservation of local communities, something central to social and national cohesion but also central to the avowed values and ethos of both credit unions and AHBs. The CU AHB Fund is pleased to provide the platform to facilitate the natural synergies between both of these like-minded not-for-profit sectors and the directors are especially pleased to work with Tuath Housing to deliver this very impressive project. We are actively encouraging more credit unions to ultimately enable the significant part of the €1 billion for”.