CU welcomes inclusion in affordable housing initiative

Tullamore Credit Union Ltd has announced its participation in a nationwide initiative to finance the development of hundreds of social and affordable homes in communities throughout the country.

CUDA (Credit Union Development Agency), the representative body for and owned by Tullamore Credit Union Ltd and other Irish credit unions, has announced that some of its members will partner with Initiative Ireland to launch a new regulated housing fund, which will allow credit unions to avail of recent regulatory changes to make it possible for them to lend millions of euro to approved housing bodies.

Initiative Ireland will act as an Investment Advisor to the fund, their function will be to source and manage loans provided to the approved housing bodies. CUDA will be the lead engagement with member credit unions as a sub-adviser.

Dennis Daly, CEO of Tullamore Credit Union Ltd commented: “The expectation is that credit unions will invest over €300 million per annum of member’s savings to deliver over 1,000 new homes per annum.

We are absolutely thrilled that our credit union can play a part in such a vital and exciting project which will make a real impact to those in need of suitable housing in our own county and beyond. It will also act as a secure and appropriate investment vehicle for members funds, delivering a much-needed return”.

Commenting at the launch of this project, Minister Darragh O'Brien TD commented:

“I would like to commend the partnership between Initiative Ireland and the Credit Union Development Association which will see the creation of social and affordable homes by our Approved Housing Bodies. This strategy has significant potential to make a real impact to Credit Unions, Approved Housing Bodies and ultimately the lives of people across the country.”