€9.2 million in funding has been approved for Shelbourne FC and the Tolka Park Community Hub project.
The approval came from the Department of Justice under the Immigrant Investor Programme.
The scheme, which closed to new applications in 2023, allowed wealthy individuals to seek Irish residency through donations to certain projects.
Independent TD Barry Heneghan described the announcement as a major moment for football on the northside of Dublin and he said the project would deliver long-term benefits for the entire community.
"This is massive news for Shelbourne FC and for the wider northside community," Mr Heneghan said.
"The Tolka Park Community Hub will benefit not just the club itself, but the wider area through community access, disability inclusion programmes and opportunities for young people and families," he said.
Mr Heneghan particularly welcomed the focus on disability inclusion and community engagement within the project.
Speaking in the Dáil recently about the immigrant investor programme, Minister for Justice Jim O'Callaghan said his department has no role in relation to the administration of such investments and does not hold any funds at any stage.
"This is a private matter between a potential investor(s) and a potential project concerned," he said.
