Social Housing

Through the course of the initiative, NAMA has identified 7,653 residential properties as being potentially suitable for social housing. The process of confirming demand and suitability is a matter for local authorities and is not something in which NAMA has a role. Many of the identified units were either not required at the time or were deemed unsuitable; or (in some instances) were sold or let by their owners during the period of engagement with the local authority. To date, 2,997 have been delivered for social housing use.

The chart above illustrates that there were 7,653 residential properties identified by NAMA for potential social housing use. 2,997 were delivered. This number comprises 2,799 that are complete and 198 that are contracted.

Once demand for a property has been confirmed by a local authority, NAMA facilitates contact and negotiation between its debtor or receiver and the local authority or Approved Housing Body (‘AHB’) to acquire the property. Contractual arrangements can take the form of a lease or purchase. In general, purchases are completed by AHBs and the properties acquired are then made available to local authorities under a payment and availability agreement.

To help further streamline delivery, NAMA also established a special purpose vehicle (National Asset Residential Property Services ‘NARPS’) to take direct ownership of properties where there is an established demand and to then lease these properties long-term to an AHB or Local Authority. For information on how the NARPS model operated is outlined here.

In the majority of cases, the properties acquired by NARPS are the remaining incomplete units in unfinished housing estates. In these instances, NAMA funds its debtor or receiver to complete both the properties and the wider common areas of the estate. To date, over half of the properties delivered by NAMA to AHBs/ local authorities have been made available through NARPS. Examples of properties acquired by NARPS and leased to AHBs are shown here