NAMA targets 2,500 social-housing properties by year end

NAMA is stepping up efforts to free up vacant properties around the country for social housing.

It has set up a new company to acquire the target of almost 2,500 properties by the end of next year.

Fewer than 60 properties have been freed up for social housing since NAMA was set up three years ago.

The new company is a special-purpose vehicle called NAMA Asset Residential Property Services Limited.

It will take possession of properties deemed suitable, allowing the original owner to reduce what they owe on the NAMA loan.

NAMA will then lease the property directly to the local authority or housing organisation.

Some 200 properties will acquired by the end of the year, the majority of which will be in the greater Dublin area with the remainder are in Cork.

A further 2,200 have been identified and will become available sometime in the future.