Ireland's housing plan has taken a key step forward with approval of the standards for Approved Housing Bodies (AHBs).

Approved Housing Bodies are independent, not-for-profit organisations who, alongside Local Authorities, provide housing for people on the social housing waiting list or for particular groups, such as older people or homeless people. AHBs also include housing co-operatives, which are housing organisations controlled by their members/tenants who actively participate in setting their policies and making decisions.

Approximately 450 AHBs across Ireland are responsible for more than 43,000 homes and there are an estimated 8,000 social homes in the AHB build pipeline. AHBs are expected to provide about 43% of the 9,000 new-build social homes and almost half of the 1,580 Cost Rental homes due to be completed this year.

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These social homes and Cost Rental targets are contained in Housing for All, the Government’s national plan on housing to 2030. Cost Rental is a new form of State-backed secure, long-term rental tenure through which rents are aimed at a minimum of 25% below open market rates.

Speaking after he approved the standards, Housing Minister Darragh O'Brien said: "AHBRA and our AHBs will play a key role assisting the Department in meeting the objectives under Housing for All to enable a sustainable housing system in Ireland with a supply of good quality housing to match long-term needs, to promote social inclusion in our communities and to ensure that that existing housing stock is utilised to its fullest extent possible. Statutory regulation will provide further assurances to tenants, the public and potential investors that AHBs operate in a secure environment.

"I am pleased to approve the 'Standards for AHBs' and would encourage all AHBs to familiarise themselves with the standards and to prepare themselves for the introduction of regulation under a statutory framework."

The Approved Housing Bodies Regulatory Authority (AHBRA) is an important element in support of this ambitious housing plan as it will oversee the effective governance, financial management and performance of all AHBs.

Approval of the draft standards marks an important milestone in the phased introduction of the powers and functions of AHBRA. The setting of standards is an integral part of the overall regulatory framework and functions of the Regulator.