Joan Burton (Dublin West, Labour)
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1427. To ask the Minister for Housing, Planning, and Local Government his views on the purchase by approved housing bodies, AHBs, with public funds of properties being sold by vulture funds that were previously sold by the National Asset Management Agency, NAMA; the cost of such acquisitions; and if he will make a statement on the matter. [36957/18]

Eoghan Murphy (Dublin Bay South, Fine Gael)
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Approved Housing Bodies (AHBs) have an important role in delivering the social housing ambition set out in Rebuilding Ireland. There is a range of funding programmes available through local authorities to achieve this ambition, including relating to construction, acquisition and leasing activity. AHBs and local authorities work in partnership locally across these delivery streams.

A particular focus of acquisition related activity is targeting vacant properties and bringing them back into use for social housing. In that context, a specific Fund has been established and the Housing Agency has been provided with €70 m with the objective of acquiring some 1,600 units from banks and investment companies over the period to 2020 for social housing use. Properties acquired by the Agency using this Fund are sold on to AHBs utilising the Capital Advance Leasing Facility (CALF) and the funds received will then be recycled back into the fund for future acquisitions. 

As at 31 August 2018, through the Housing Agency €70 m Acquisitions Fund, bids by the Housing Agency have been accepted on 786 properties, 23 of which are being sold by private investment funds whose loan charges were previously under the control of NAMA. Purchases have closed on 438 properties, two of which were sold by private investment funds whose loan charges were previously under the control of NAMA. The total value of these 23 properties is €5,703,800. The purchase of two of the 23 properties was complete as of the end of August with the other 21 properties being progressed. It is intended that these properties will be sold on to AHBs by the Housing Agency. These properties were part of a larger portfolio offered by an investment fund and it was considered in the public interest to purchase these particular properties to support social housing objectives.