“A new credit union-backed initiative, with the capacity to provide as much as €1bn in funding for social housing, has launched in Ireland.

Donal Coghlan, one of the fund’s directors, explains that credit unions have been talking about financing social housing for the past 20 years, but regulations didn’t permit it, because it is effectively business lending, rather than lending to members.

In 2018 the regulation changed, allowing credit unions to invest in social housing, but only through a special-purpose, regulated vehicle: enter the Credit Union Approved Housing Body Fund (CU AHB Fund).”

Read the full article, Irish credit unions back new finance scheme for social housing, in Co-op News, 29 May 2024