Paudie Coffey (Waterford, Fine Gael) | Oireachtas source

I thank the Deputy for his question. NAMA continues to play an important role in the delivery of social housing. To the end of September 2015, a total of 1,600 NAMA residential properties had been delivered for social housing use, comprising 1,241 completed properties and a further 359 that have been contracted and where completion work is ongoing. A further 486 properties are considered as being active transactions whereby terms are agreed or active negotiation is ongoing by all parties concerned or where a detailed appraisal is being carried out. An additional 440 properties are to be further appraised. Overall, I expect that in excess of 2,000 units will be secured for social housing purposes from this engagement with NAMA. In addition, NAMA is funding the construction of new residential properties to help meet demand in the major urban centres. The overall programme will be funded from NAMA’s own resources and will lead to the development of an estimated 20,000 units by 2020, mainly in the greater Dublin area where the current residential supply shortage is most acute.

Residential developments funded by NAMA are subject to the same planning and regulatory requirements as all other developments and this includes policy relating to Part V of the Planning and Development Act 2000. As such, I expect 10% of the output of this investment by NAMA, or approximately 2,000 units, to become available for social housing.

NAMA’s special purpose vehicle, the National Asset Residential Property Services, NARPS, Limited was established in 2013 to facilitate the sale or lease of NAMA debtor or receiver residential properties for social housing purposes. In line with a commitment in the social housing strategy, its remit has been expanded to allow it to fund the purchase of Part V units which become available through its residential delivery programme. In this way, the agency will continue to facilitate the provision of high quality units for social housing purposes in mixed tenure, sustainable communities and, thus, complement the extensive social housing construction programmes in which all local authorities are currently engaged.

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