The Irish Council for Social Housing (ICSH) which represents nearly 300 non-profit housing associations has welcomed the publication of a new code of regulation for the sector.

At the event, Mr Donal McManus stated that "the regulation code launched by Minister O'Sullivan is one of a number of critical elements required to enable non-profit housing associations to play a significant role in the ongoing provision of social housing to those most in housing need".

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Capital funding for social housing has been reduced by nearly 80% since 2008 at a time when there are over 98,000 households in housing need.

Mr McManus continued: "The dramatic fall in capital funding and need to attract private finance into the social housing sector has meant that non-profit housing associations are being asked to do in a few years what it took housing associations in other EU countries over 20 years to achieve. During the consultation process the ICSH has emphasised to Government that as well as this code of regulation, the sector also requires predictable funding streams, policy co-ordination and robust financial intermediaries to leverage the level of loan finance required to deliver social housing into the future."

(CD/MH)