AIB Corporate Banking has formed a partnership with Túath Housing Association to fund the acquisition of up to 190 social homes across every county and district in Ireland.
Túath is purchasing homes from the Irish state's housing agency and letting them to families on the local authority waiting lists.
The properties are former rental units that are vacant and in need of repair.
As part of the initiative, Túath is refurbishing the properties and will add the cost of the works to the overall price of purchasing the property.
AIB is providing initial funding of €15m towards the cost of the purchase and the repair bill to facilitate the initial acquisition scheme.
The first phase of funding was used to complete the purchase and repair of 21 homes, with a variety of houses and apartments in the local authority areas of Dublin City, South Dublin, Donegal, Westmeath, Galway County and City, Kildare and Wexford.
Seamus Doherty, chairman of Túath, said: “It is essential that more public and voluntary sector homes are provided for those shut out of the housing market.
“More could be spent – and spent more effectively – by channelling housing expenditure raised via private finance through housing associations.
“At a time when we have historically low borrowing rates, the country should be borrowing and building much more than we currently are.
“The AIB loan facility is an excellent example of how this can be achieved, effectively and efficiently.”
Eoghan O'Neill of AIB Corporate Banking said: “AIB is committed to playing a meaningful role in delivering more social housing in the months and years ahead.
“We are very proud of our involvement in this collaboration with Túath.
“AIB has significant experience in financing the social housing sector and we are currently working with a number of other approved housing bodies on funding for social housing.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Monese urges holidaymakers to shop around for their bank to save money abroad
Brits travelling abroad have been encouraged to save money by shopping around for bank accounts...
Tandem introduces healthy balance feature
Digital bank Tandem has announced the launch of a new healthy balance notification feature on its banking app...
The Access Bank UK joins Bacs
The Access Bank UK has been announced as the latest brand to join Bacs Payment Schemes Limited (Bacs)...
Nearly 75,000 SMEs supported through BBB programmes
The British Business Bank (BBB) has reported that the total stock of finance provided through its programmes in the last financial year rose by 33% to £12.25bn...
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...