Ireland’s housing market has been in crisis for many years. A combination of insufficient supply and affordability has led to the greatest crisis currently facing society today.
The challenges currently facing the housing market predate the financial crash of 2008, when building came to an almost complete halt. When the recovery began and requirement for houses increased once again, supply was unable to meet demand and has not been able to catch up.
For some time now, Ireland has needed a sustainable solution to deliver a dramatic increase in supply that is, above all else, affordable. This solution requires a dramatic shift in our country’s housing strategy, which has now been captured in Housing For All, the Government's ambitious plan which aims to increase housing at all levels, including social and affordable housing, by 2030.
In Housing For All , the Government has committed to: Providing every citizen in the State access to good quality homes:
- to purchase or rent at an affordable price
- built to a high standard and in the right place
- offering a high quality of life
The strategy also commits to delivering 90,000 social homes by 2030 – 10,000 homes per year. This will include an average of 9,500 new-build units, the highest number in the history of the State. There will also be increased funding for the strategic development of public lands for affordable and social housing in city and town centres.
Under the plan, Approved Housing Bodies (AHBs) are now poised to play a greater role in the provision of homes. AHBs across Ireland, have welcomed their enhanced role in social housing provision, the expansion of cost rental homes and the dedicated multi annual funding and commitments to support them in providing special needs housing including the commitment to end homelessness by 2030.
The CU AHB Fund allows credit unions to participate in the delivery of this plan, the largest investment in housing in the history of the state.
Speaking on the launch of the CU AHB Fund, Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming TD was quoted:
“I would like to congratulate Credit Unions on the establishment of a Fund authorised by the Central Bank to invest in Approved Housing Bodies. Since I became a Minister, it has been a personal priority of mine to facilitate Credit Union investment in large scale social housing projects. It is a very significant milestone for the sector. 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.”