Written answers

Tuesday, 27 July 2021

Department of Finance

National Asset Management Agency

Photo of Richard Boyd BarrettRichard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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442. To ask the Minister for Finance the details of empty properties and land banks that have not yet been sold with regard to the assets of NAMA; and the negotiations that have taken place to acquire these homes for social and-or affordable housing. [41181/21]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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The Deputy will be aware that NAMA does not generally own properties; rather NAMA owns loans for which the properties act as security.

I am advised that, as at end-March 2021, NAMA debtors and receivers owned an estimated 577 hectares of land potentially suitable for residential development in Ireland. NAMA regularly assesses the feasibility of these sites and, where development is deemed commercially viable, NAMA provides funding for the delivery of new residential units.

I am advised that the sites currently have a delivery capacity for 24,000 residential units. Of these, 1,400 units are under construction or have funding approved for construction and 4,600 units have planning permission; planning has been lodged or is being prepared for 7,500 units and a further 8,500 units are at the pre-planning or feasibility stages, with other land that has the possibility to accommodate 2,000 units remaining unzoned by local authorities. It should be noted that many of these sites, including some of those with planning, are either not commercially viable at current sales prices and/or have specific infrastructural requirements such as roads, water or sewerage that will need to be addressed by local authorities and other State bodies before any units can be built. Furthermore, the development of some sites will require the resolution of legal disputes or title issues.

NAMA continues to review its secured portfolio in order to deliver properties for social housing purposes (albeit at a lesser level than in previous years given the reduced portfolio size). The main method of social housing delivery is by way of direct sale (by a NAMA debtor or receiver) to a local authority or an approved housing body (AHB), or alternatively, by sale to NARPS (a NAMA Group entity) for onward long-term lease to an AHB. In total, over 2,600 properties have been delivered by NAMA for social housing purposes. Negotiations are advancing with a number of AHBs in relation to the delivery of a further 189 residential properties recently built as part of NAMA’s residential funding delivery programme. This is in addition to social housing units delivered on NAMA-funded residential sites via Part V planning requirements whereby 10% of the development must be provided to local authorities for social housing.

I am advised that close to 100% of all secured housing units are occupied; there are approximately 50 habitable vacant residential units within NAMA’s secured portfolio, excluding properties which are on the market or sale agreed. NAMA is currently working with its debtors and receivers regarding appropriate strategies for these units, which includes assessing the suitability of the units for social housing.


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