Pearse Doherty (Donegal South West, Sinn Fein)
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Simon has presented figures on the Government's estimate of 4,500 units from NAMA which indicate that 518 of them were transferred to social housing. This demonstrates the painfully slow rate of progress that has been made on an issue we have been discussing for quite some time. We are probably watching the wind-down of NAMA as we speak, even though that is not the best outcome. In terms of the quantity of land suitable for social housing needs, have the agencies investigated how many units of social housing could be accommodated? The focus on NAMA has been on the number of units under its control and whether they could be handed over to the local authorities for social housing but it has also been involved in innovative ways of providing finance to developers to manage its assets. If it has a half-built construction site, it provides vendor finance at very low rates. It is acceptable to it to make a return of 2% on its financing in order to finish a development or to build roads to enhance it. NAMA can be used in a way that not only provides land but also finances the construction or refurbishment of housing stock to meet social housing needs. Has this potential been investigated by the agencies?