Irish Housing Minister Michael Finneran has told a meeting of town councillors that his department's social housing investment initiative can assist both social and economic objectives during the recession.

The Minister made his comments when delivering the opening address at the Spring Conference of the Association of Municipal Authorities of Ireland (AMAI), held in Letterkenny.

Under the initiative, housing units available on the market can be deployed to meet social housing needs.

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This will further expand the sources of social housing supply through the introduction of long term leasing arrangements.

Mr Finneran urged local authorities to put the necessary systems in place to allow for the introduction of these new arrangements, saying additional funding of some €20m has been set aside for this purpose in 2009.

"The current time is certainly a challenging one for all of us involved in public life, and indeed the whole community. However, the core job of local authorities goes on, and challenges can be turned to advantage when we take a fresh approach to issues and identify new opportunities and possibilities," he said.

Mr Finneran said local authorities have a vital role to play in the national effort.

"This is a truly huge investment in the local economy which will make a real difference to communities in areas such as roads, housing and environmental services," he added.

(PR/JM)