Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank the Deputy for his supplementary question. It is not a matter for NAMA to determine the proportion of social housing that will be provided. The allocation of social housing units per development is prescribed by Part V of the Planning and Development Act at 10% of on-site units. As the Deputy will be aware, NAMA's commitment to funding residential development is not one to build or fund social housing units. In line with NAMA's mandate, under section 10 of the NAMA Act, it is an intention to fund the delivery of private residential units on lands securing NAMA debtor loans on a commercial basis in order to maximise NAMA's recovery on these loans. NAMA borrowers developing these sites will, of course, fulfil their Part V obligations to deliver 10% of residential units in the form of on-site social housing units. Given that the ultimate intention is to deliver 20,000 units, the corresponding 2,000 social units will be significant. These matters are being reviewed by the Committee on Housing and Homelessness. If it recommends a higher quota for private developments, a percentage higher than 10%, it will then be a matter for the Minister for Housing, Planning and Local Government who is responsible for housing to change the Planning and Development Act, including Part V. If he does, NAMA will comply.

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