Housing

Credit unions can invest €1bn in social housing through pioneering fund

Twenty-three credit unions with €35 million to invest have joined the first credit union-backed housing fund, which will target social housing developments

The total cost of the Aderrig Square. development amounted to €11.1 million, with an average apartment cost of just under €300,000. The project received €8.2 million in funding from the CU AHB, with additional support from CALF

Irish credit unions have the capacity to invest up to €1 billion in social housing initiatives, a director at the country’s first credit union-backed fund has said.

The Credit Union Approved Housing Body fund (CU AHB) – which is regulated by the Central Bank – allows credit unions, as investors, to provide loans to Tier 3 approved housing bodies. It is a sub-fund of Multaque Funds ICAV, an Irish Collective Asset Vehicle.

Twenty-three out of ...