Joan Burton (Dublin West, Labour)
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593. To ask the Minister for Housing, Planning, and Local Government the progress made in establishing a vehicle for credit unions to invest in the development of social housing. [31571/18]

Eoghan Murphy (Dublin Bay South, Fine Gael)
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In line with the commitments in the Rebuilding Ireland Action Plan for Housing and Homelessness, an Innovation Fund was established to assist AHBs to develop structures, policies and new funding mechanisms. One of the projects being funded, which is being undertaken by the Irish Council for Social Housing, is the development of a Special Purpose Vehicle to facilitate investment into the AHB sector by investors, including the Credit Union movement. The project was approved in May last year and is being undertaken by the ICSH in three phases. The first two phases have been completed and the third phase is due to be completed by the end of September 2018.

In respect of the development of specific SPVs by the credit unions to enable them to make investments in the sector, it is a matter for the credit unions themselves to make the necessary arrangements.