Rebuilding Ireland: Action Plan for Housing and Homelessness included the commitment to explore a range of structural, funding and policy supports that could help to increase delivery by AHBs.
In 2016, my Department established an Innovation Fund to support Tier 3 AHBs (i.e. those larger organisations with 300+ homes in their stock) in their development of innovative financial models that would assist in improving the capacity of the sector.
Six AHBs applied to this Fund and four proposals were deemed eligible. The total amount of funding approved for these four proposals was €104,043.50, and details of these approvals were announced in May 2017.
Details of the approved proposals are as follows:
- The Irish Council for Social Housing's proposal for the establishment of a sector-led financial vehicle to allow AHBs to expand and to facilitate the delivery of additional housing units.
- Clúid’s proposal to develop a set of procedures, guidelines and templates for mergers and acquisitions.
- Oaklee’s proposal to engage with financial advisors to secure off-balance sheet funding, with a view to the establishment of a Special Purpose Vehicle.
- Túath’s proposal related to engaging with external experts to undertake research on two schemes relating to affordable rental.