What was once a development for mixed use with retail units has been reimagined for social housing – thanks to a newly-minted Credit Union scheme that has a brief to invest in the heart of communities.

The eight-house development at Plás an Chruicéid in Tuam was officially opened recently in the presence of Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Neale Richmond; Minister of State Anne Rabbitte and Cllr. Albert Dolan, Cathaoirleach of the County of Galway.

The scheme is made up of eight two-bedroom houses for use as social-rented homes, at Plás an Chruicéid located on the Dunmore Road, close to the Bohernagreana Intersection.

The Co-operative Housing Ireland homes were funded by the Credit Union Approved Housing Body Fund (CU AHB), which is investing in the heart of communities.

Cathaoirleach of the County of Galway Cllr. Albert Dolan described Plás an Chruicéid, and its community, as a testament to what co-operation can achieve.

“Galway County Council is proud to have supported CHI in delivering these high quality, A-rated homes to help meet housing needs. We look forward to working with CHI to deliver more homes with Co-operative Housing Ireland,” he said.

All of this became possible as a result of a decision taken way back in March 2018, when the Central Bank of Ireland introduced rules that allow credit unions to invest in a special fund called the CU AHB Fund.

This fund supports Approved Housing Bodies (AHBs), which provide affordable housing. The new rules let credit unions invest in a fund (up to €1.1bn) that supports affordable housing projects.

And that means credit unions have the potential to make a big difference in the housing sector while keeping their finances safe and benefiting their communities.

“The Fund epitomises the co-operative principles and the power of working co-operatively to achieve something greater,” said CHI Chairperson, Pearse O’Shiel.

“By facilitating the development of relationships between credit unions and Approved Housing Bodies – two for-purpose sectors rooted in their communities – the CU AHB Fund makes the idea of communities helping communities a reality.

“The Fund has significant potential to not only deliver much needed homes but diversify funding to AHBs – an objective of government housing policy, Housing for All, to secure non-state financing,” he added.

Speaking at the launch, Minister of State with responsibility for Financial Services, Credit Union and Insurance, Neale Richmond said that 2023 saw a record 12,000 new social homes delivered.

“We are making progress but there is much more to do,” he admitted.

“I believe that our Credit Unions, along with our Approved Housing Bodies, will continue to play a key role in delivering these homes in every corner of the country.

“I want to thank Tuam Credit Union for their role in this development and wish all residents the best of luck in their new homes,” he added.

The homes were delivered with the support of Galway County Council, the Department of Housing, Local Government and Heritage, the Housing Finance Agency, the Housing Agency, and CU AHB Fund.

Pictured: Junior Ministers Neale Richmond and Anne Rabbitte join new home owner Brigid Walsh and her grandchildren John Luke Parrle, Jessica Maslob, Bonnie Parle, Ellis Parle, Ellis Parle and Theo Maslob  at one of the eight new homes in Tuam financed through Credit Union Fund.