Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

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, NAMA was directed 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 2021. I remain mindful of the timeline of the ultimate dissolution of NAMA by the end of 2025 and my Department will continue to engage with the Department of Housing to progress this transfer.

NAMA’s Annual Report and Financial Statements for 2022 show that the NARPS portfolio had a fair value of €325m at 31 December 2022. The NARPS portfolio currently contains 1,366 properties. These are all owned by NARPS and 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 2,985 residential properties for social housing to date. These figures do not include those units delivered under Part V arrangements on NAMA-funded residential developments.