Minister Robert Troy hosts Credit Union housing event in Mullingar

On Friday March 6, an event regarding the credit union sector’s role in supporting housing delivery in Ireland took place in the Mullingar Park Hotel.

A key focus of the event was to share knowledge around the Credit Union Approved Housing Body (AHB) Fund. The AHB Fund was established by the Government and the sector in recent years to support credit unions to invest in social housing projects.

To date, the fund has secured tens of millions of Euro in investment, and supported the delivery of social homes around the country.

Minister Robert Troy was the host for the event .

Despite the investment to date, Minister Troy has been engaged heavily with the sector in recent months to ensure that investment levels continue to grow.

The event also heard about the enhanced mortgage lending potential for credit unions, thanks to Government and Central Bank of Ireland work to expand their lending limits through the Credit Union (Amendment) Act 2023 and the amended credit union lending regulations.

The sector currently has a mortgage lending book of €1bn.

Speaking at the event, Minister Troy said, “This event was an important event in sharing experience in Knowledge when it comes to how credit unions are supporting the delivery of housing right around Ireland.

“With the Credit Union AHB Fund, credit unions have significant potential to support social housing in communities around Ireland. Unfortunately the level of investment in the fund to date has been lower than expected, and the information provided at the event was to inform and reassure credit unions who are considering investing.

“This Government is determined to use every lever available to us to support the delivery of homes.

“I was heartened to see the broad attendance on Friday, and given the certainty of investment and strong links to the community ethos of the credit union sector I am hopeful of greater uptake in the Fund.”

The event heard from credit unions who have already invested in the Fund, as well as from AHBs and housing and economic experts who provided important information on social housing delivery trends in Ireland.