Michael McGrath (Cork South Central, Fianna Fail)
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130. To ask the Minister for Finance the number of NAMA built residential properties in each of the years 2015 to 2017, inclusive, and to date in 2018; the number of these properties that are considered social and affordable; and if he will make a statement on the matter. [17301/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, it is important to note that NAMA does not build residential property. Instead, where commercially viable, it funds residential delivery on sites controlled by its debtors and receivers.

In late 2013, NAMA indicated that it aimed to fund the delivery of 4,500 homes on lands controlled by NAMA debtors and receivers over the period to end-2016. By end-2016 this target had been exceeded with NAMA funding the delivery of 4,700 homes.

Subsequently, NAMA stated in late 2015 that it would aim to fund and facilitate the delivery of up to 20,000 homes by end-2020, assuming that projects were commercially viable. In total, since 2014, NAMA has directly funded the delivery of 7,190 homes. The breakdown by year sought by the Deputy is set out in the following table:

NAMA-funded residential units

In addition, I am advised that over 2,700 units are currently under construction and planning permission has been secured for another 8,150 units. In addition, I am advised that some 2,000 units have been completed on sites sold by NAMA debtors and receivers.

In relation to social and affordable housing, which I am taking to refer to housing made available at below market prices, it is important to note that assets often referred to as "NAMA land" or "NAMA properties" are not owned by NAMA.  NAMA owns loans.  Such property is owned by private persons who owe money to NAMA ("NAMA debtors") and serves as collateral for those amounts owed.  It is the income and proceeds generated from this property, via rental or sales, that is used by NAMA debtors to repay what they owe to NAMA. All borrowers have the right to maximise the value of the property which secures his/her loan.  NAMA cannot force a borrower to take action which would reduce his/her repayment capacity, such as providing property for affordable housing where that is not economically optimal.  To do so would breach the borrower's property rights protected under Article 43 of the Constitution.

That said, I am advised that sites controlled by NAMA debtors and receivers are subject to the same Part V planning conditions as other residential developments. Under Part V, 10% of the properties must be provided to local authorities for social and affordable housing. Based on this statutory requirement, it is estimated that up to 720 units were deliverable under Part V arrangements since 2014, including 568 units since 2015. For certain developments, the Part V requirements may have been fulfilled through alternative arrangements at the request of the local authorities concerned.

I would also draw the Deputy's attention to the fact that since 2014, NAMA has delivered 2,472 houses and apartments for use as social housing as part of its Social Housing programme, excluding houses which were provided under Part V arrangements. NAMA identified vacant units within its debtors’ stock and offered them to local authorities and approved housing bodies. Where demand was confirmed by local authorities, through the Housing Agency, funding was provided to purchase these properties, and where necessary, complete them in full compliance with all statutory requirements prior to delivery to the housing bodies. To date, NAMA has invested approximately €350 million in remediating, completing and purchasing properties for social housing use. NAMA’s special vehicle, NARPS, purchases suitable units for onward leasing to local authorities and approved housing bodies.