Leading providers back credit union housing investment

Speaking at the Joint Committee on Housing, Planning, Community & Local Government in the Oireachtas today, representatives of four of Ireland’s housing providers backed calls for proposals from the Central Bank that would allow credit union investment in social housing.

The Housing Alliance is a group of four national housing associations: Clúid Housing, Co-operative Housing Ireland, Oaklee Housing, and Respond!
Members of the Housing Alliance are responsible for approximately 12,500 social housing tenancies which represents over a third of all housing provided by Irish housing associations. The group have collectively provided more than 3,000 homes since 2010 and have a delivery pipeline of a further 6,000 homes to be delivered by 2020.

At the Oireachtas, the group set out the investment potential for credit unions in supporting new housing supply.  Housing associations are a well regulated sector with robust policy support from central government.

For credit unions, housing investment could help to diversify the investment of members’ funds and support better dividends over the longer term.  Housing provision would also allow credit unions to make a highly visible contribution to their local communities.

The Housing Alliance opening statement at the Joint Committee can be accessed here.

The Alliance’s submission to the Central Bank consultation is available here.

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