Eoin Ó Broin (Dublin Mid West, Sinn Fein)
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188. To ask the Minister for Finance if the National Asset Residential Property Services has been transferred to the LDA; if so, when this transfer happened; the number of residential units held by NARPS on transfer; the value of these properties; and the number of these properties currently in social housing leasing arrangements. [60939/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy is aware, NARPS was created by NAMA to acquire housing units for long term lease to Approved Housing Bodies and Local Authorities. Following a review of NAMA in 2019, as required under Section 227 of the NAMA Act, I directed NAMA to retain NARPS in permanent state ownership.

‘Housing for All’ includes a commitment to agree the process for the transfer of NARPS from NAMA to the Land Development Agency (LDA). In line with this commitment, it was agreed in principle that the transfer will take place by way of a legislative amendment to the LDA Act, subject to Government and Oireachtas approval.

The timeline for the transfer of NARPS to the LDA is therefore subject to the approval and timing of legislative amendments to the LDA Act. I remain mindful of the timeline of the ultimate dissolution of NAMA by the end of 2025 and will my Department will continue to engage with the Department of Housing to progress this transfer.

The NARPS portfolio currently contains 1,366 properties.  

NAMA’s Annual Report and Financial Statements for 2021 show that the NARPS portfolio had a fair value of €314m at 31 December 2021. 

All 1,366 properties owned by NARPS are leased directly to approved housing bodies and local authorities under standardised lease terms. The relevant local authority / approved housing body manages the onward leasing of the properties; NAMA / NARPS does not deal directly with individual tenants.  

Overall, NAMA has delivered a total of 2,693 residential properties for social housing to date. These figures do not include those units delivered under Part V arrangements on NAMA-funded residential developments.