COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

MEETING OF SOUTH DUBLIN COUNTY COUNCIL

Monday, March 12, 2018

MOTION NO.5

MOTION: Councillor D. O'Donovan

That the Chief Executive presents a report to Members in relation to the possibility of working with Credit Unions to help solve the current housing crisis by accessing the nearly €13bn reserves they have on deposit. 

Report

The Council accesses funding through the Department of Housing, Planning & Local Government and the Housing Finance Agency.

The Department provide funding to this Council for construction and acquisition of social housing units.  We have nine construction projects on site at a cost of €62m and this is fully funded by the Department.  In addition, the Department funds social housing units supplied under the Rental Accommodation, Long Term Leasing and Housing Assistance Payment Schemes. 

All housing loans to assist people to purchase their own homes is funded through the Housing Finance Agency.  The Department has recently introduced a new home loan for first time buyers at a fixed or variable interest rate.  The loan is a normal capital and interest-bearing mortgage.  The maximum market values of the property that can be purchased is €320,000.   This Council funds these loans sourced by the Housing Finance Agency by borrowing at a very favourable rate from the Agency.