Written answers

Tuesday, 21 January 2014

Department of Finance

NAMA Social Housing Provision

Photo of Tommy BroughanTommy Broughan (Dublin North East, Labour)
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219. To ask the Minister for Finance if he will report on the way the special purpose vehicle established by the National Asset Management Agency has resulted in expediting the allocation of suitable units to social housing providers; and the number of units that have been transferred to approved housing bodies and local authorities since the NAPRS was established. [2785/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, NAMA is working closely with the Department of the Environment, Community and Local Government (DECLG) and the Housing Agency, which has responsibility for the provision of social housing, to facilitate local authorities and approved housing bodies to purchase and lease properties for social housing.  NAMA has, to date, identified almost 4,400 properties as being available and potentially suitable for social housing.  Of these, demand has been confirmed for 2,055 properties and a further 13 are currently being evaluated. 

As part of a number of measures to help streamline delivery of properties for which demand has been confirmed, including the agreement of standardised leasing terms, NAMA established a Special Purpose Vehicle, NAMA Asset Residential Property Services Limited ("NARPS"), to acquire residential units from its debtors and receivers and to lease them directly to approved housing bodies.

Since the conclusion of detailed negotiations with the DECLG, the Housing Agency, the Irish Council for Social Housing and approved housing bodies in relation to the long-term leasing model to be adopted by the new SPV, NARPS, a number of the approved housing bodies have moved quickly to ensure delivery of identified properties.  To date, 60 properties have been acquired by NARPS and leased to approved housing bodies; a further 72 properties have been contracted for lease from NARPs by the approved housing bodies and are currently undergoing significant completion works to make them suitable for occupation later this year.

In total, to date 596 residential properties have been delivered or contracted for social housing use under this initiative.  Over 20% of these have been delivered through NARPS.  NAMA envisages that in the future the majority of properties delivered for social housing will be through the NARPS leasing model as, since the conclusion of negotiations with all stakeholders, this process has proven to be an effective method of delivery. 

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