Under 6% of ‘Nama housing’ delivered

Fewer than 6% of the 3,879 homes identified by Nama for social housing have been delivered or have their contracts signed and agreed.

According to figures provided by Finance Minister Michael Noonan, 217 “Nama” homes have been delivered for social housing or had their contract terms agreed.

Mr Noonan also stated that a further 563 residential properties are subject to active negotiation by the various approved housing bodies (AHBs) with a majority where negotiations have reached an advanced stage.

This brings the overall total residential properties completed and committed to 780 for 2012, which includes the 133 that have been delivered and contract terms signed and agreed in respect of 84.

In a written Dáil response to Fianna Fáil’s Barry Cowen, Mr Noonan pointed out that “the pace at which units are delivered is not controlled by Nama and I am satisfied Nama has brought the initiative as far as it can at this point in time”.

Mr Noonan said that as part of the initiative, Nama identified 3,879 residential properties controlled by its debtors and receivers as being available for social housing provision.

He said: “This represents a very substantial contribution by Nama in the context of the limited number of available residential properties in Ireland controlled by its debtors and receivers and the range of policy measures being adopted by this Government to meet demand for social housing provision.”

Mr Noonan said: “The onus for determining the suitability for social housing of the units identified by Nama rests, in the first instance, with the local authorities, which assess, in conjunction with the Housing Agency, the demand for identified houses and apartments by reference to criteria including the avoidance of undue segregation in housing within specific developments and areas.

He said: “I am advised that to date demand has been confirmed by the local authorities for 1,484 of the properties that Nama has made available. Another 841 properties are being evaluated bringing the overall total that may be deemed suitable to 2,325 potentially.

“The local authorities have confirmed there is no demand in respect of 902 of the properties. I am advised by Nama that, in the time required by local authorities to assess and confirm demand for units, 652 properties have been sold or privately let by their owners or duly appointed receivers.”

Mr Noonan said: “I am advised by Nama that once demand has been confirmed for units and contracts signed there is no impediment to the early delivery of properties by its debtors and receivers for social housing.

He added: “I am further advised by Nama that it recently established a special purpose vehicle [SPV] to acquire units from its debtors and receivers where necessary to speed up their direct leasing to housing authorities. Nama advises that once the AHBs have confirmed their demand for and contracted to lease properties it will be in a position to make them available through the SPV.”